LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION May 15, 2009 TO: Honorable Chris Harris, Chair, Senate Committee on Economic Development FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2531 by Chavez (Relating to a reporting requirement regarding the Texas emerging technology fund.), As Engrossed No fiscal implication to the State is anticipated. The bill would implement a recommendation in the Legislative Budget Board Government Effectiveness and Efficiency Report entitled Improve Accountability for the Texas Emerging Technology Fund. The bill would require the governor to submit an annual report containing performance metrics such as the aggregate amount of private sector investment, federal government funding, and contributions from other sources obtained in connection with awards made under any of the Emerging Technology Fund's (ETF) programs -- commercialization, matching, and research superiority; as well as the amount of ETF awards received by each award recipient for the past three fiscal years. The annual report would be distributed to the legislature and posted on the governor's office website no later than January 1 of each year. The first report is due no later than January 1, 2011. The bill would require ETF annual reports to identify the planned and actual outcomes associated with the commercialization program for the last two fiscal years, including any financial impact on the state resulting from a company awardee being bought out or otherwise acquired by another company (known as a liquidity event). Finally, the bill would require ETF annual reports to provide a brief description of the equity position which the governor may take in companies that get commercialization awards, and the names of companies in which the governor has taken an equity position during the past three fiscal years. The bill would take effect immediately if it received the requisite two-thirds vote of each house; otherwise, it would take effect September 1, 2009. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:301 Office of the Governor LBB Staff: JOB, JRO, JI, RN
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
May 15, 2009
TO: Honorable Chris Harris, Chair, Senate Committee on Economic Development FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2531 by Chavez (Relating to a reporting requirement regarding the Texas emerging technology fund.), As Engrossed
TO: Honorable Chris Harris, Chair, Senate Committee on Economic Development
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB2531 by Chavez (Relating to a reporting requirement regarding the Texas emerging technology fund.), As Engrossed
Honorable Chris Harris, Chair, Senate Committee on Economic Development
Honorable Chris Harris, Chair, Senate Committee on Economic Development
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB2531 by Chavez (Relating to a reporting requirement regarding the Texas emerging technology fund.), As Engrossed
HB2531 by Chavez (Relating to a reporting requirement regarding the Texas emerging technology fund.), As Engrossed
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would implement a recommendation in the Legislative Budget Board Government Effectiveness and Efficiency Report entitled Improve Accountability for the Texas Emerging Technology Fund. The bill would require the governor to submit an annual report containing performance metrics such as the aggregate amount of private sector investment, federal government funding, and contributions from other sources obtained in connection with awards made under any of the Emerging Technology Fund's (ETF) programs -- commercialization, matching, and research superiority; as well as the amount of ETF awards received by each award recipient for the past three fiscal years. The annual report would be distributed to the legislature and posted on the governor's office website no later than January 1 of each year. The first report is due no later than January 1, 2011. The bill would require ETF annual reports to identify the planned and actual outcomes associated with the commercialization program for the last two fiscal years, including any financial impact on the state resulting from a company awardee being bought out or otherwise acquired by another company (known as a liquidity event). Finally, the bill would require ETF annual reports to provide a brief description of the equity position which the governor may take in companies that get commercialization awards, and the names of companies in which the governor has taken an equity position during the past three fiscal years. The bill would take effect immediately if it received the requisite two-thirds vote of each house; otherwise, it would take effect September 1, 2009.
The bill would implement a recommendation in the Legislative Budget Board Government Effectiveness and Efficiency Report entitled Improve Accountability for the Texas Emerging Technology Fund.
The bill would require the governor to submit an annual report containing performance metrics such as the aggregate amount of private sector investment, federal government funding, and contributions from other sources obtained in connection with awards made under any of the Emerging Technology Fund's (ETF) programs -- commercialization, matching, and research superiority; as well as the amount of ETF awards received by each award recipient for the past three fiscal years. The annual report would be distributed to the legislature and posted on the governor's office website no later than January 1 of each year. The first report is due no later than January 1, 2011.
The bill would require ETF annual reports to identify the planned and actual outcomes associated with the commercialization program for the last two fiscal years, including any financial impact on the state resulting from a company awardee being bought out or otherwise acquired by another company (known as a liquidity event).
Finally, the bill would require ETF annual reports to provide a brief description of the equity position which the governor may take in companies that get commercialization awards, and the names of companies in which the governor has taken an equity position during the past three fiscal years.
The bill would take effect immediately if it received the requisite two-thirds vote of each house; otherwise, it would take effect September 1, 2009.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 301 Office of the Governor
301 Office of the Governor
LBB Staff: JOB, JRO, JI, RN
JOB, JRO, JI, RN