Bill Text: HI HB512 | 2024 | Regular Session | Introduced


Bill Title: Relating To Grants For Entrepreneurs.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced - Dead) 2023-12-11 - Carried over to 2024 Regular Session. [HB512 Detail]

Download: Hawaii-2024-HB512-Introduced.html

HOUSE OF REPRESENTATIVES

H.B. NO.

512

THIRTY-SECOND LEGISLATURE, 2023

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO GRANTS FOR ENTREPRENEURS.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  The legislature finds that small businesses make up approximately ninety-nine per cent of all businesses in Hawaii.  Small businesses are defined by the United States Small Business Administration as having five hundred or fewer employees.  The business climate in Hawaii shows the extent to which the local economy is dependent upon businesses that are not large corporations.

     The legislature further finds that Hawaii is one of the hardest states in which to both start a business and conduct business.  This fact has been verified and widely reported by multiple sources and continues to hold true.  The coronavirus disease 2019 (COVID-19) pandemic, war in Ukraine, supply chain crisis, and economic downturn have only intensified this unfortunate reality.

     The legislature also finds that the rising minimum wage will have a negative impact on many small businesses' ability to hire employees.  At a time when both the local and national economies are in a fragile state, local small businesses need both support and the opportunity to foster creativity.

     Accordingly, the purpose of this Act is to help support the small business community by establishing an entrepreneurship grant program within the department of business, economic development, and tourism.

     SECTION 2.  Chapter 201, Hawaii Revised Statutes, is amended by adding a new section to part I to be appropriately designated and to read as follows:

     "§201-     Entrepreneurship grants.  (a)  The department shall award an entrepreneurship grant in an amount up to $50,000 to businesses that:

     (1)  Are organized or incorporated and operating in the United States;

     (2)  Meet the United States Small Business Administration's small business size standards;

     (3)  Certify that the business is not barred from receiving federal funds;

     (4)  Are registered and in good standing with the business registration division of the department of commerce and consumer affairs; and

     (5)  Have a current general excise tax license with the department of taxation;

provided that the director of business, economic development, and tourism shall have the final authority to determine whether each applicant satisfies the qualifications to be awarded a grant under this section.

     (b)  The amount awarded for each grant under this section shall be determined based on the availability of funds and the amount requested."

     SECTION 3.  There is appropriated out of the general revenues of the State of Hawaii the sum of $           or so much thereof as may be necessary for fiscal year 2023-2024 and the same sum or so much thereof as may be necessary for fiscal year 2024-2025 to fund entrepreneurship grants awarded pursuant to section 201-   , Hawaii Revised Statutes.

     The sums appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.

     SECTION 4.  New statutory material is underscored.

     SECTION 5.  This Act shall take effect on July 1, 2023.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

DBEDT; Grants; Entrepreneurs; Appropriations

 

Description:

Establishes an entrepreneurship grant program within the Department of Business, Economic Development, and Tourism to assist entrepreneurs with new businesses.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.

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