According to the Honolulu Advertiser, the state would start by spending up to a million dollars developing a spaceport. But Hawaii isn't alone: The state is already facing heady competition from states including Florida, Okalahoma and New Mexico, all of which are moving into the space tourism market.
Hawaii has one comparative advantage: it's further south. I recall that the increased velocity of the earth's rotation the closer you get to the equator means that you get some energy for lift-off for free. This is why the French launch their rockets from French Guiana, and the Soviets had a facility in Kazakhstan.