81R3228 JE-D
By: Rose H.B. No. 394
A BILL TO BE ENTITLED
AN ACT
relating to use of the money from the Texas Enterprise Fund to
benefit small businesses.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. The vital importance of small businesses to the
economy of this state and the well-being of its residents requires
that it be the policy of this state to encourage the creation and
location of small businesses in this state and promote
opportunities for those businesses to prosper.
SECTION 2. Section 481.078, Government Code, is amended by
adding Subsection (k) to read as follows:
(k) To encourage the creation, development, and location of
small businesses in this state, the governor shall consider making
grants from the fund to recipients that are small businesses in this
state or that commit to using the grants to create new small
businesses in this state or relocate small businesses from outside
the state to this state. For the purposes of this subsection,
"small business" means a legal entity, including a corporation,
partnership, or sole proprietorship, that:
(1) is formed for the purpose of making a profit;
(2) is independently owned and operated; and
(3) has fewer than 100 employees.
SECTION 3. This Act takes effect September 1, 2009.