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$200 Million Hawaii State fund would invest in local tech companies

Hawaii already has one of the most generous tax subsidies for technology. Now state officials are considering creating a potentially $200 million fund that would pump cash into Hawai’i renewable energy, life science and technology companies.

The proposed Hawaii Innovations Fund would start out with $100 million in state general fund money and could grow to about $200 million over a four-year period under proposals making headway in the Legislature. With the state flush with cash, support for two bills that would create such a fund seems strong. Both remain alive heading into the last month of the current legislative session.

House Bill 2181 and Senate Bill 2546 contain similar versions of the program that would replace the so- called State Private Investment Fund — a proposed $120 million state-backed investment program that lawmakers failed to pass the prior two sessions.

By Sean Hao
Advertiser Staff Writer

Full Story: http://www.honoluluadvertiser.com/apps/pbcs.dll/article?AID=/20060410/BUSINESS13/604100306/1071

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