Texas House Bill HB1037

Texas 2015 - 84th Regular

Caption

Relating to abolishing the Texas emerging technology fund.

Impact

This legislative move directly impacts state laws related to fiscal management and economic development strategies within Texas. The fund, which had been established to encourage innovation and support technological growth, will cease to exist, potentially affecting existing projects funded through this initiative. As funding is redirected to general revenue, it raises questions about future support for technology startups and initiatives that rely on state backing. The bill asserts that resources will be better managed without the fund, emphasizing efficiency and accountability.

Summary

House Bill 1037 proposes the abolition of the Texas Emerging Technology Fund, an initiative previously designed to promote economic development through investments in emerging technologies. The bill includes provisions to transfer the remaining balance of the fund to the state's general revenue, highlighting a shift in governmental focus away from direct funding to technology enterprises. By abolishing the fund, the bill aims to reallocate state resources and streamline financial oversight under the belief that previous investments have not yielded significant economic returns.

Contention

Notably, the abolition of the Texas Emerging Technology Fund has sparked a debate among legislators, particularly regarding the effectiveness of past funding efforts and the overall strategy for promoting statewide economic growth. Proponents of the bill argue that the fund was underperforming and that its elimination will prevent misallocation of state financial resources. Conversely, opponents express concern that this decision could undermine support for innovative projects vital to Texas’s economic landscape, thus limiting opportunities for job creation and technological advancements.