RELATING TO THE HAWAII TECHNOLOGY DEVELOPMENT CORPORATION.

Establishes a public policy framework that addresses state goals in the area of economic diversification. Appropriates funds to the Hawaiʻi Technology Development Corporation to implement specific projects that address those goals. Requires the Hawaiʻi Technology Development Corporation to submit annual reports to the Legislature. Authorizes the Hawaiʻi Technology Development Corporation to temporarily re-establish the Hawaiʻi Office of Naval Research Grant Program to provide fifty per cent matching grants to Hawaiʻi awardees of alternative energy research grants from the Department of Defense Office of Naval Research. Establishes the Alternative Energy Research and Development Revolving Fund. Appropriates moneys into and out of the revolving fund. Amends the composition of the Hawaiʻi Technology Development Corporation Board of Directors to include the Chairperson of the Board of Regents of the University of Hawaiʻi, unless the Chairperson, with the approval of the Board of Regents, designates another Regent to serve. Effective 7/1/2050. (SD2)