STAND. COM. REP. NO. 2861

Honolulu, Hawaii

RE: S.B. No. 2806

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2022

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2806 entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII TECHNOLOGY DEVELOPMENT CORPORATION,"

begs leave to report as follows:

The purpose and intent of this measure is to make an appropriation from the State's general revenues to the Hawaii Technology Development Corporation for the Hawaii small business innovation research program.

Your Committee received written comments in support of this measure from the University of Hawaii; Hawaii Technology Development Corporation; Shifted Energy; Sweet Brown Hawaii; Small Kine Farm; Hyperspective Studios, Inc.; KYD, Inc.; Diamond Bakery Co., Ltd.; Purple Maia Foundation; Hawaii Food Industry Association; Referentia Systems, Inc.; Makai Ocean Engineering, Inc.; 3D Innovations; Experiad Solutions; Hawaii Fish Company Inc.; Nalu Scientific, LLC; Mana Up; VisSidus Technologies, Inc.; Chamber of Commerce Hawaii; Maui Chamber of Commerce; Hawaii Venture Capital Association; and three individuals.

Your Committee received written comments on this measure from the Department of Budget and Finance and Oceanit Laboratories, Inc.

Your Committee recognizes that the Hawaii Technology Development Corporation supports initiatives that promote technology and manufacturing jobs. Your Committee finds that since 1989, the Hawaii Technology Development Corporation has been providing grants to qualifying companies through the small business innovation research program. Your Committee believes that the grant program provides positive economic development value for the State.

Your Committee has amended this measure by:

(1) Changing the appropriation from $1,500,000 to an unspecified amount; and

(2) 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. 2806, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2806, S.D. 1.

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

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DONOVAN M. DELA CRUZ, Chair