Texas Senate Bill SB1175

Texas 2011 - 82nd Regular

• Out of Senate Committee: 5/9/11
• Voted on by Senate: 5/12/11
• Out of House Committee: 5/19/11
• Report Pass: 5/19/11

Caption

Relating to the Texas Enterprise Fund and the Texas emerging technology fund.

Impact

The legislation is significant as it strengthens the regulatory framework governing the awarding of grants from the Texas Enterprise Fund and Emerging Technology Fund. By instituting specific job creation requirements and legislative oversight, SB1175 is expected to foster more accountability in the disbursement of state funds. Supporters argue this will lead to more effective use of taxpayer money, compelling grant recipients to fulfill their commitments to job growth. However, the bill also imposes a more rigorous approval process, which may slow down the funding for potential innovative projects that require swift action.

Summary

SB1175 proposes amendments to the Texas Enterprise Fund and the Texas Emerging Technology Fund, aimed at enhancing state oversight and accountability over grants awarded from these funds. The bill requires the Governor to obtain prior written approval from the Lieutenant Governor and Speaker of the House for any grant proposals exceeding a certain threshold. Additionally, it mandates the inclusion of specific provisions in grant agreements to ensure the creation of a minimum number of jobs within the state, along with timelines for achieving these goals. This is intended to ensure that state funds lead to tangible economic benefits for Texas residents.