Bill Text: HI SB718 | 2013 | Regular Session | Amended

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Bill Title: Hawaii Strategic Development Corporation; HI Growth Initiative; Department of Business, Economic Development, and Tourism ($)

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Engrossed - Dead) 2013-03-07 - Referred to EDB, FIN, referral sheet 30 [SB718 Detail]

Download: Hawaii-2013-SB718-Amended.html

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STAND. COM. REP. NO. 813

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 718

       S.D. 2

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 718, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO ECONOMIC DEVELOPMENT,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to appropriate funds to the Hawaii Strategic Development Corporation to establish the HI Growth Initiative.

 

     Your Committee received written comments in support of this measure from the Office of the Governor; the Department of Business, Economic Development and Tourism; High Technology Development Corporation; Hawaii Strategic Development Corporation, Akamai Capital LLC; Bizgym.com; Blue Startups; Cardax Pharmaceuticals, Inc.; Creative Market Labs, Inc.; HiBEAM, Hawaii Biotech, Inc.; Hawaii Fashion Incubator; Hawaii Food Industry Association; Hawaii Venture Capital Association; Ikehu, Inc.; Kukulu LLC; Lady Ease-Ease Collection; Nalukai Foundation; OrienTech LLC; Pacific International Center for High Technology Research; StartupHui LLC; The Queens Health Systems; Umicam; and thirteen individuals.

 

     Your Committee received written comments on this measure from two individuals.

 

     Your Committee finds that this measure funds the establishment and implementation of the HI Growth Initiative, an investment program that will be used to support entrepreneurial high-growth businesses.  Your Committee also finds that the establishment and implementation of this program is in the State's interest to diversify the economy and create high-wage jobs in the State.

 

     Your Committee has amended this measure by:

 

(1)  Changing the appropriation amounts to unspecified amounts;

 

(2)  Changing the effective date from July 1, 2013, to July 1, 2050, to facilitate further discussion on the measure; and

 

(3)  Making technical nonsubstantive amendments for clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 718, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 718, S.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

		____________________________ DAVID Y. IGE, Chair