Bill Text: HI SB1001 | 2015 | Regular Session | Amended
Bill Title: Manufacturing; Income Tax Credit; Appropriation ($)
Spectrum: Moderate Partisan Bill (Democrat 8-1)
Status: (Passed) 2015-07-08 - Act 215, 07/07/2015 (Gov. Msg. No. 1316). [SB1001 Detail]
Download: Hawaii-2015-SB1001-Amended.html
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THE SENATE |
S.B. NO. |
1001 |
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TWENTY-EIGHTH LEGISLATURE, 2015 |
S.D. 2 |
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STATE OF HAWAII |
H.D. 1 |
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C.D. 1 |
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A BILL FOR AN ACT
RELATING TO MANUFACTURING.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 206M, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§206M- Manufacturing development program; established. (a) There is established the manufacturing development program, through which the development corporation may provide grants to any business in Hawaii that is a manufacturer in the State and requires assistance for any of the following items:
(1) Purchasing of manufacturing equipment;
(2) Training of employees on the use of manufacturing equipment;
(3) Improving existing energy efficiency manufacturing equipment or the purchase of improved energy efficiency equipment in the manufacturing process; or
(4) Studying or planning the implementation of a new manufacturing facility;
provided that no grant shall exceed twenty per cent of the cost of any of the above items, and no company shall receive a grant exceeding $100,000 in any given year.
(b) All moneys necessary to carry out the purposes of this section shall be appropriated by the legislature through appropriations out of the state general fund.
(c) In reviewing grant applications pursuant to this section, the development corporation shall analyze each application to determine whether the item to be undertaken will be economically viable and beneficial to the State.
(d) The development corporation shall submit a report to the legislature no later than twenty days prior to the convening of the regular session held in every even-numbered year. The report shall include the following items:
(1) The total number of grants provided;
(2) The sectors provided with grants;
(3) The total projected economic and employment growth facilitated by the grants provided; and
(4) The actual economic and employment growth that occurred as a result of the grants provided."
SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $2,000,000 or so much thereof as may be necessary for fiscal year 2015-2016 to facilitate the provision of grants by the high technology development corporation to manufacturing businesses in Hawaii for certain purchases and employee training purposes.
The sum appropriated shall be expended by the high technology development corporation for the purposes of this Act.
SECTION 3. The high technology development corporation shall include in its base budget request for the subsequent fiscal period the amounts necessary to effectuate this Act.
SECTION 4. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2015.
Report Title:
Manufacturing; Income Tax Credit; Appropriation
Description:
Establishes and appropriates funds for the manufacturing development program, through which the high technology development corporation shall distribute grants to Hawaii manufacturers for various activities. (CD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
