STAND. COM. REP. NO.  883-14

Honolulu, Hawaii

                , 2014

RE:   H.B. No. 2282

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 2282, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO HIGH TECHNOLOGY,"

begs leave to report as follows:

The purpose of this measure is to move the State toward a more diversified economy and assist small businesses that conduct innovative research by:

(1)  Adding the receipt of Phase II and III Small Business Innovation Research awards and contracts from any participating federal agency to the qualifying criteria for businesses to receive grants from the High Technology Development Corporation; and

(2)  Amending the ceiling on fund transfers from the Hawaii Capital Loan Revolving Fund for the High Technology Development Corporation to provide grants to small businesses that qualify for the grants.

The Office of the Governor; High Technology Development Corporation; Ohana investment works LLC; Oceanit; Spectrum Photonics, Inc.; Guide Star Engineering, LLC; HealthTechApps, inc.; Beyond Organic Consulting, Inc.; TeraSys Technologies; Tissue Genesis, Inc.; Hawaii Fish Company; and two individuals supported this measure.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2282, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair