Texas House Bill HB2466

Texas 2023 - 88th Regular

• Filed: 2/17/23
• Out of House Committee: 4/5/23
• Voted on by House: 4/26/23
• Out of Senate Committee: 5/19/23

Caption

Relating to the creation of the Texas technology and innovation program.

Impact

The implementation of HB 2466 is expected to primarily affect small businesses that are involved in federal innovation programs. By providing matching grants to those entities that successfully secure federal funding, the bill seeks to maximize Texas's leverage over available federal resources. This could lead to a more vibrant economy, as these investments allow small tech businesses to innovate and expand. Moreover, the bill establishes a Texas Technology and Innovation Trust Fund, which will hold grants and donations for the program, ensuring financial support for eligible entities over time.

Summary

House Bill 2466, introduced by Representative Button, aims to create the Texas Technology and Innovation program. The primary purpose of this program is to establish a matching grant initiative that would enable small businesses to receive monetary support from federal small business innovation initiatives. This effort underscores the state's commitment to fostering job creation and economic development, particularly for small tech firms in Texas. By matching federal funds, the program is designed to enhance the resources available to these businesses, aiding their growth and competitiveness in the innovative technology landscape.

Sentiment

The sentiment surrounding HB 2466 appears to be generally positive among the legislators and stakeholders involved in the current discussions. Support from organizations such as the Texas Health Care and Bioscience Institute indicates a recognition of the bill's potential to stimulate economic growth and support local businesses in their innovation efforts. However, the full realization of its benefits will depend on the program's effective administration and the ability of small businesses to access these funds.

Contention

While HB 2466 has garnered significant support, some points of contention remain related to the specific criteria for eligibility and the administrative processes involved in grant application. Concerns were raised about how well the program will serve small businesses, particularly in accessing funds without overlapping with other state or federal funding initiatives. The effectiveness of the program hinges on simplicity in accessing grants and avoiding bureaucratic hurdles, which is crucial for small entities often operating with limited resources.

Texas Constitutional Statutes Affected

Government Code

• Chapter 489. Texas Economic Development Bank
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