Bill > SB3168

This bill establishes the Hawaii Technology Development Corporation (HTDC) Revolving Fund, a dedicated account within the state treasury managed by the HTDC, to provide state matching funds for federal grants that support innovation, technology, research, and manufacturing initiatives in Hawaii. The fund will be used to cover the state's required contribution for these federal awards, administrative costs related to managing the grants and the fund, and other necessary activities to fulfill federal grant obligations. The revolving fund can be replenished through legislative appropriations, transfers from other funds, federal grant money, repayments, and interest earned. Crucially, funds will only be allocated from the general fund to the revolving fund if the HTDC successfully secures a federal grant that requires a state match, ensuring that state resources are used strategically and efficiently to leverage federal investment. The HTDC will be required to submit an annual report to the Legislature detailing the fund's balance, federal grant applications and awards, the amount of state matching funds used, and the economic impact of the projects supported by these grants. This initiative aims to improve Hawaii's competitiveness in securing federal funding and to bolster its economic development strategy by ensuring timely access to matching funds, thereby preventing the loss of potential federal dollars.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=3168&year=2026