Bill Text: HI HB1170 | 2021 | Regular Session | Amended
Bill Title: Relating To Economic Development.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-02-19 - Re-referred to ECD, FIN, referral sheet 16 [HB1170 Detail]
Download: Hawaii-2021-HB1170-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1170 |
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THIRTY-FIRST LEGISLATURE, 2021 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO ECONOMIC DEVELOPMENT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 206M, Hawaii Revised Statutes, is amended by adding a new part to be appropriately designated and to read as follows:
"Part . State venture capital program
§206M- Definitions. As used in this part, unless
the context clearly requires otherwise:
"Early stage small business" means
a business that is established but with insignificant revenues and no profits that
is headquartered in the State.
§206M- State venture capital program; established.
(a) There is established in the Hawaii technology development
corporation a state venture capital program that shall provide venture capital investments
in early stage small businesses in the State.
(b)
The Hawaii technology development corporation
shall:
(1) Determine the qualifications and types of businesses that shall be eligible to receive venture capital investments;
(2) Develop the application process to participate in the state venture capital program;
(3) Establish conditions for venture capital investments made pursuant to this section, including but not limited to:
(A) Developing goals for direct financial returns and indirect economic development returns; and
(B) Return on investment expectations; and
(4) Adopt rules necessary for the purposes of this part.
(c) The
state venture capital program shall provide no more than $
to any early stage small business in one calendar year.
(d) Any direct financial returns to the State as a result of the state venture capital program shall be deposited to the credit of the general fund.
§206M- State venture capital program special fund. (a) There
is established the state venture capital program special fund, into which shall
be deposited:
(1) Appropriations made by the legislature;
(2) All interest earned on or accrued to moneys deposited in the special fund; and
(3) Any other moneys made available to the special fund from other sources.
(b) Moneys in the fund shall be expended by the development corporation:
(1) To provide venture capital investments in early state small businesses in the State; and
(2) For any other purpose deemed necessary to carry out the purposes of this part."
SECTION 2. This Act shall take effect on July 1, 2050.
Report Title:
State Venture Capital Program; Economic Development; Early Stage Small Businesses
Description:
Establishes the state venture capital program that provides venture capital investments in early stage small businesses in the State. Effective 7/1/2050. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
