STAND. COM. REP. NO. 18

Honolulu, Hawaii

RE: S.B. No. 703

Honorable Ronald D. Kouchi

President of the Senate

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

Sir:

Your Committee on Energy, Economic Development, and Tourism, to which was referred S.B. No. 703 entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII TECHNOLOGY DEVELOPMENT CORPORATION,"

begs leave to report as follows:

The purpose and intent of this measure is to appropriate funds to the Hawaii Technology Development Corporation for the Hawaii Small Business Innovation Research Program.

Your Committee received testimony in support of this measure from the Hawaii Technology Development Corporation; Chamber of Commerce Hawaii; Ai.Fish, LLC; Hawaii Fish Company, Inc.; Ocean Era, Inc.; Oceanit; Minnowtech, LLC; Hawai‘i Farm Bureau; Early Charm Ventures, LLC; PacMar Technologies LLC; Hawaii Biotech, Inc.; Experiad, LLC; and one individual.

Your Committee finds that the federal Small Business Innovation Research and Small Business Technology Transfer programs award over $4,000,000,000 each year to domestic small businesses that engage in federal research or research and development with the potential for commercialization. The Hawaii Small Business Innovation Research Program provides matching grants and support services to small businesses in the State that secure federal funds through the programs and conduct their activities within the State. Your Committee further finds that the companies that receive funding through the Hawaii Small Business Innovation Research Program provide high-wage engineering and science jobs in the State. This measure will increase the number of companies able to participate in the Hawaii Small Business Innovation Research Program, increase access to federal funds, and increase the number of high-wage jobs in the State by appropriating funds to the Hawaii Technology Development Corporation for the Hawaii Small Business Innovation Research Program.

As affirmed by the record of votes of the members of your Committee on Energy, Economic Development, and Tourism that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 703 and recommends that it pass Second Reading and be referred to your Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Energy, Economic Development, and Tourism,

________________________________

LYNN DECOITE, Chair