Bill > HB1614

This bill establishes the Hawaii Technology Development Corporation Revolving Fund, a dedicated account to be managed by the Hawaii Technology Development Corporation (HTDC), the state's agency for fostering technology, innovation, and manufacturing. The fund will be used to provide the state's required matching contributions for federal grants awarded to the HTDC, which are crucial for securing federal funding for economic development initiatives. Currently, the state's process for obtaining these matching funds is not aligned with federal grant timelines, potentially causing the state to miss out on federal dollars. The revolving fund will ensure timely access to these matching funds, prioritizing grants that leverage state funds at a significant ratio (at least one-to-five) and are projected to generate state revenue. Moneys in the fund will not lapse at the end of the fiscal year and will remain available until the federal grant contract concludes. The HTDC will be required to submit an annual report to the legislature detailing the fund's balance, grant activity, state matching funds used, and the economic impact of federally matched projects. The bill also includes appropriations for fiscal year 2026-2027 to seed the fund and for its operational purposes, with the condition that funds will only be allocated if the HTDC secures a federal grant requiring a state match.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1614&year=2026