STAND. COM. REP. NO.  129-08

Honolulu, Hawaii

                , 2008

RE:   H.B. No. 2395

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Economic Development & Business Concerns, to which was referred H.B. No. 2395 entitled:

"A BILL FOR AN ACT RELATING TO ECONOMIC DEVELOPMENT,"

begs leave to report as follows:

The purpose of this bill is to develop and strengthen the innovation sector of Hawaii's economy by:

(1)  Establishing the Hawaii Innovation Development Corporation (HIDC);

(2)  Establishing an Innovations and Inventions Revolving Fund; and

(3)  Making an appropriation into the fund, to be expended by the HIDC to develop and exploit innovations and inventions that have direct economic benefits for Hawaii.

     The Professional Inventors Alliance and a concerned individual supported this bill.  UNITE HERE! Local 5 and the High  Technology Development Corporation supported the intent of this measure.  The Department of Budget and Finance did not support this bill.  Comments were provided by the Office of Information Practices.

     Your Committee has amended this bill by:

     (1)  Changing its effective date to July 1, 2034, to encourage further discussion; and

     (2)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Economic Development & Business Concerns that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2395, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2395, H.D. 1, and be referred to the Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Economic Development & Business Concerns,

____________________________

KYLE T. YAMASHITA, Chair