Changes definition of "small business" to conform to the federal definition.

A BILL FOR AN ACT

SECTION 1. Section 103D-901, Hawaii Revised Statutes, is amended by amending the definition of "small business" to read as follows:

""Small business" means a business that is independently owned and defined by detailed criteria [pursuant to rules adopted by the policy board. The policy board shall adopt rules defining "small business" through detailed criteria that may include the number of employees and similar factors used by the United States Small Business Administration.] used by the United States Small Business Administration and contained in title 13 of the Code of Federal Regulations, part 121."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.