Bill Text: HI SB2695 | 2018 | Regular Session | Introduced
Bill Title: Relating To The Department Of Business, Economic Development, And Tourism.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2018-01-24 - Referred to ETT, WAM. [SB2695 Detail]
Download: Hawaii-2018-SB2695-Introduced.html
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THE SENATE |
S.B. NO. |
2695 |
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TWENTY-NINTH LEGISLATURE, 2018 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the department of business, economic development, and tourism.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that diversifying the economy is critical to the future of the State.
Accordingly, the purpose of this Act is to establish the high-growth grant program within the department of business, economic development, and tourism to assist qualified businesses by providing grants for specific business development purposes.
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- High-growth
grant program; high-growth grant program special fund; established. (a)
There is established within the department a business development grant
program that shall be known as the high-growth grant program. The high-growth grant program shall assist
qualified businesses by providing grants to:
(1) Expand business
operations;
(2) Improve
business productivity; or
(3) Invest in food
safety or quality control programs.
(b) The department shall issue grants to finance:
(1) Equipment
purchases;
(2) Management and
workforce training;
(3) Infrastructure
improvements; and
(4) Consulting or
feasibility studies.
(c) There is established in the state treasury
the high-growth grant program special fund to be administered by the department
and into which shall be deposited appropriations made by the legislature to the
fund. Moneys in the special fund shall
be used for the purposes of this section.
(d) The high-growth grant program shall provide
grants to qualified businesses in an amount no greater than thirty per cent of
the amount that is privately invested in a business for one or more of the
purposes set forth in subsection (a); provided that the program shall provide
no more than $500,000 to any specific qualified business in one calendar year.
(e) The department shall adopt rules pursuant to
chapter 91 to implement this section.
(f) As used in this section, "qualified
business" means a business that has:
(1) Been in
business for at least two full years; and
(2) Demonstrated
the ability to export products."
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 2018-2019 to be deposited into the high-growth grant program special fund.
SECTION 4. There is appropriated out of the high-growth grant program special fund the sum of $ or so much thereof as may be necessary for fiscal year 2018-2019 for the high-growth grant program to provide grants to qualified businesses; provided that no more than $ may be used to administer the program.
The sum appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.
SECTION 5. New statutory material is underscored.
SECTION 6. This Act shall take effect on July 1, 2018.
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INTRODUCED BY: |
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Report Title:
DBEDT; Business Development; Grant Program; Special Fund; Established; Appropriation
Description:
Establishes the high-growth grant program and special fund to provide grants to qualified businesses for certain business development activities. Makes an appropriation.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
