Bill > SB992

This bill requires the Hawaii Technology Development Corporation (HTDC) to establish and implement state goals aimed at economic diversification through innovation and technology. The bill outlines three primary goals: (1) enhancing participation in the digital economy by strengthening digital infrastructure, accessing new markets, and increasing digital economy businesses; (2) promoting economic diversification through trade activities by increasing exports of manufactured goods and knowledge-based services, and supporting value-added agriculture and manufacturing; and (3) addressing climate change by developing renewable energy solutions and supporting businesses focused on climate mitigation. The HTDC is mandated to submit annual reports to the legislature detailing project statuses, outcomes, and recommendations. The bill appropriates funds for three specific programs: the Small Business Innovation Research Program (to provide matching grants for product development), the Manufacturing Assistance Program (to help local manufacturers become globally competitive), and the Accelerator and Small Business Training Programs (to support innovative companies solving community problems). The appropriated funds will not lapse at the end of the fiscal biennium and are intended to be spent by the HTDC to achieve these economic diversification objectives. The bill is set to take effect on July 1, 2050, and aims to position Hawaii for economic prosperity in a knowledge-based, zero-emission, and digital global economy.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=992&year=2026