§206M-15.2 Research and development program established. (a) There is established within the development corporation, the research and development program, to help Hawaii-based small businesses optimize research and development performed in Hawaii.
(b) Subject to available funds, the research and development program shall:
(c) To receive funding, a Hawaii-based small business shall submit to the development corporation proof of the federal research and development tax credits received. Proof shall be in the form of copies of the small business Internal Revenue Service Form 6765 Credit for Increasing Research Activities as filed. The business shall be eligible to receive a grant in an amount equal to the average of the federal tax credit for the prior three tax years.
(d) 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.
(e) The development corporation may adopt rules pursuant to chapter 91 necessary to carry out the purposes of this section.
(f) For purposes of this section:
"Hawaii-based small business" means a company:
"Resident" shall have the same meaning as in section 235-1. [L 2018, c 141, pt of §2; am L Sp 2021, c 9, §30]