By: Rose, et al. (Senate Sponsor - Van de Putte) H.B. No. 394
(In the Senate - Received from the House March 30, 2009;
April 7, 2009, read first time and referred to Committee on
Economic Development; May 23, 2009, reported adversely, with
favorable Committee Substitute by the following vote: Yeas 5,
Nays 0; May 23, 2009, sent to printer.)
COMMITTEE SUBSTITUTE FOR H.B. No. 394 By: Eltife
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 Subsections (k) and (l) 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:
(1) small businesses in this state that commit to
using the grants to create additional jobs; or
(2) small businesses from outside the state that
commit to relocate to this state.
(l) For purposes of Subsection (k), "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 immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.
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