RELATING TO ECONOMIC DEVELOPMENT.

2025 Regular Session Introduced by Greggor Ilagan

Bill HB 449 boosts Hawaii's economy by funding the Hawaii Technology Development Corporation, promoting local products, and creating jobs through innovation and support for manufacturers.

Reported from EDT (Stand. Com. Rep. No. 1326) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

#appropriations($) #economicdevelopment #htdc #hawaii-manufacturedproducts #reports

Purpose and Intent

Bill HB 449 aims to enhance economic development in Hawaii by appropriating funds and establishing measures to support the Hawaii Technology Development Corporation (HTDC) and promote Hawaii-manufactured products. The bill seeks to stimulate local economic growth and innovation, thereby creating jobs and fostering a sustainable economy.

Key Provisions

Appropriations: The bill includes specific funding allocations to support various economic development initiatives, although exact dollar amounts are not specified in the provided information.

Support for HTDC: It emphasizes the role of the Hawaii Technology Development Corporation in facilitating technology-based economic growth and providing resources for local manufacturers.

Promotion of Hawaii-Manufactured Products: The bill outlines strategies to encourage the production and consumption of products made in Hawaii, aiming to strengthen local industries and reduce reliance on imports.

Reporting Requirements: The bill mandates regular reporting on the progress and effectiveness of the initiatives funded under this legislation, ensuring transparency and accountability.

Affected Parties

Hawaii Technology Development Corporation (HTDC): As the primary agency involved, HTDC will receive funding and support to implement the provisions of the bill.

Local Manufacturers: Businesses producing goods in Hawaii will benefit from promotional efforts and potential financial support, which may enhance their competitiveness.

General Public: The broader community may experience job creation and economic growth as a result of the initiatives outlined in the bill.

Legislative Timeline and Procedural Aspects

Introduced: January 17, 2025

First Reading: Passed on March 6, 2025

Committee Reviews: The bill has undergone multiple committee reviews, including the Economic Development and Technology (EDT) and Finance (FIN) committees, with recommendations for amendments and passage.

Second Reading: The bill passed its second reading on March 21, 2025, with amendments and was referred to the Ways and Means (WAM) committee for further consideration.

Public Hearings: A public hearing was held on March 20, 2025, allowing stakeholders to provide input on the bill.

Conclusion

HB 449 represents a strategic effort to bolster Hawaii's economy through targeted support for local technology and manufacturing sectors. By appropriating funds and establishing clear reporting mechanisms, the bill aims to create a more robust economic environment that benefits both businesses and the community at large. The ongoing legislative process will determine the final form and impact of the bill as it moves through the Senate.

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