Bill > HB454

This bill aims to promote economic recovery and diversification in Hawaii by establishing state goals for innovation-driven economic growth and providing funding to the Hawaii Technology Development Corporation (HTDC). The bill outlines four key areas of economic diversification: digital economy participation, strengthened trade activities, climate change mitigation, and import replacement. Specifically, the legislation directs HTDC to develop programs that expand digital market opportunities, increase exports of goods and professional services, support renewable energy and climate solutions, and strengthen local supply chains. The bill appropriates funds for three specific programs: the Hawaii Small Business Innovation Research program, a manufacturing assistance program, and accelerator programs facilitated by HTDC. The corporation is required to submit detailed annual reports to the legislature for three consecutive years (2026, 2027, and 2028), describing program progress, outcomes, and effectiveness. These reports must include assessments of how well the programs meet the established economic diversification goals and may propose additional legislative recommendations. The appropriated funds will not lapse at the end of the fiscal biennium but will expire on June 30, 2028, with the entire act taking effect on July 1, 2050.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=454&year=2026