Representative Jon Riki Karamatsu
Floor Remarks
Senate Bill 2546, S.D. 1, H.D. 2, C.D. 1
May 4, 2006
I rise in support.
The purpose of this bill is to establish the Innovation Special Fund, which will receive the sum of all general fund revenues realized by the State that equals one half of one percent of general fund revenues for each fiscal year beginning July 1, 2006, and ending on June 30, 2010. This fund will be used to support the advanced technology, renewable energy, and life sciences industries in the state.
In the future, the legislature will decide on what government agency will be in charge of the fund and how the fund will be invested in the advanced technology, renewable energy, and life sciences industries in the state such as research and development grants and capital investment. This measure shows the state's commitment to diversify Hawaii's economy by promoting the knowledge-based industries.
Thank you.
JON RIKI KARAMATSU 