Report Title:

International Business and Technology Incubator

Description:

Appropriates funds to establish an international business and technology incubator program in Hawaii. (SD1)

THE SENATE

S.B. NO.

1792

TWENTY-THIRD LEGISLATURE, 2005

S.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

MAKING AN APPROPRIATION FOR INTERNATIONAL BUSINESS AND TECHNOLOGY INCUBATOR PROGRAM.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The high technology development corporation proposes to establish a new incubation services program focused primarily on foreign technology companies, but open to any appropriate foreign enterprise seeking to gain a presence in the United States. The international business and technology incubator program will target existing technology companies in China and Japan seeking to phase-in operations in the United States. The program will also seek potential businesses from Korea, Singapore, Malaysia, and other Asia Pacific nations.

The high technology development corporation will charge a fee for these services and recover all out-of-pocket expenses involved in assisting the companies with setting up a business in Hawaii. These fees will be used to underwrite the costs of marketing and delivering the program to clients. The high technology development corporation will not seek to make a profit from the program, since the "profit" will come in the form of additional tax revenues from the new companies and additional jobs for the State.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $       , or so much thereof as may be necessary for fiscal year 2005-2006, and $       , or so much thereof as may be necessary for fiscal year 2006-2007, to establish an international business and technology incubator program in Hawaii.

SECTION 3. The sums appropriated shall be expended by the high technology development corporation for the purpose of this Act.

SECTION 4. This Act shall take effect on July 1, 2005.