HAR §15-38-6. Application procedure

Any business applying for a grant shall provide as part of the application, copies of the small business Internal Revenue Service Form 6765 Credit for Increasing Research Activities as filed for the past three tax years as proof of the federal research and development tax credits received. [Eff *. * y ] (Auth: HRS §206M-3) (Imp: HRS §206M-15.2) ALb 1 * U!:J §15-38-7 Consideration and review of applications, (a) The development corporation shall cause the review of the application and resolution of any questions relating to the application through contact with the grant applicant. (b) Following such review and resolution, the board shall consider and make a decision on qualified applications. [Eff Aiif; 1 7 1 (Auth: HRS §206M-3) (Imp: HRS §206M-15.2) §15-38-8 Preferences and priorities in makin grants, (a) In determining the distribution of funds, the development corporation shall be guided by the nature and economic significance of the activity of each grant application, the importance of the grant to the activity s success, and the potential economic advantage or job creation prospects offered to the State. (b) Preference shall be given to businesses receiving their first research and development program award. (c) Preference shall be given to businesses that agree to not claim the Hawaii tax credit for research activities for the same year that a Hawaii research and development program grant is awarded. [Eff /m i 1 jjjia ] (Auth: HRS §206M- ) (Imp: HRS §206M-15.2) MUU 38-4 3338 §15-38-12 §15-38-9 Maximum grant amount; disbursement, (a) Maximum giant amounts shall not exceed $300,000 or the average of the federal tax credit received for the prior three tax years, whichever is less. (b) For awards greater than $ 150,000, the g ant amount shall be disbursed as payments based on milestones approved by the chief executive officer of the development corporation. [Eff ] (Auth: HRS §206M-3) (Imp: HRS §206M-15.2) SUBCHAPTER 3 INSPECTION AND COMPLETION