STAND. COM. REP. NO. 1529

Honolulu, Hawaii

RE: H.B. No. 454

H.D. 2

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Third State Legislature

Regular Session of 2025

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred H.B. No. 454, H.D. 2, 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 leverage Hawaii Technology Development Corporation programs for economic development in the State.

More specifically, this measure:

(1) Establishes state goals for economic growth fueled by innovation and technology;

(2) Appropriates moneys to the Hawaii Technology Development Corporation to support programs related to the established goals; and

(3) Requires the Hawaii Technology Development Corporation to submit annual reports to the Legislature over the next three years.

Your Committee received written comments in support of this measure from the Chamber of Commerce Hawaii, Hawaii Farm Bureau, Hawaii Food Industry Association, Holomua Collaborative, and Maui Chamber of Commerce.

Your Committee finds that there is a need to bolster business innovation and economic development in the State. Your Committee further finds that the Hawaii Technology Development Corporation is well-suited to serve as a facilitative catalyst for this needed innovation.

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 H.B. No. 454, H.D. 2, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 454, H.D. 2, 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