STAND. COM. REP. NO. 2620

Honolulu, Hawaii

RE:    S.B. No. 2504

       S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2016

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B. No. 2504, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO INNOVATION BUSINESS INTERACTION,"

begs leave to report as follows:

     The purpose and intent of this measure is to establish a loan program in the High Technology Development Corporation to support small businesses in dual-use high-technology fields.

     Your Committee received written comments in support of this measure from High Technology Development Corporation, Oceanit Laboratories, Inc., and one individual.  The Department of Budget and Finance submitted written comments on the measure.

     Your Committee finds that success in the twenty-first century global economy requires the development, transfer, use, and commercialization of technology.  Your Committee believes that for Hawaii to succeed in the burgeoning high-technology field, small businesses should be encouraged to enter the field.  Many Hawaii small businesses desire to develop, transfer, use, or commercialize high-technology, but are faced with significant costs that may prevent them from entering the high-technology field.  A loan program for small businesses in dual-use high-technology fields would allow these businesses to meaningfully compete in the high-technology fields.

     Your Committee has amended this measure by changing the effective date to July 1, 2050, to facilitate further discussion on the measure. 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2504, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2504, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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JILL N. TOKUDA, Chair