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$120M Investment Fund Fails in Hawaii Legislature
Efforts to capitalize Hawaii's $120 million State Private Investment Fund (SPIF) collapsed Friday as a joint conference committee of the state legislature could not reconcile differences between House and Senate versions of the measure. Passage of Senate Bill 1695 was one of Gov. Linda Lingle's top economic development priorities for this legislative session.
The SPIF, created by the Hawaii legislature last year but left unfunded, is intended to encourage venture capital investments in state-based tech businesses using the Oklahoma Capital Investment Fund model of state-backed guarantees on private investments. Established in 1993, the Oklahoma program has been widely replicated in recent years.
The joint conference committee of the Hawaii legislature met to discuss Senate Bill 1695 six times during the past 10 days before deferring the measure. With the legislature expected to adjourn on May 5, the fund is "on hold indefinitely," reports the April 30 edition of the Honolulu Advertiser.
More information on S.B. 1695 is available at: http://www.capitol.hawaii.gov