Relating to reauthorization of small business incentive program.
Impact
The implications of SB2585 could significantly influence state laws governing the financial frameworks within which small businesses operate. By reauthorizing the small business incentive program and structuring a clear pathway for premium tax credit allocations, the bill is positioned to potentially elevate capital investments into these small enterprises, impacting employment rates and local economic stability favorably. This may also present a more robust financial groundwork in sectors previously underserved by capital flows.
Summary
Senate Bill 2585 seeks to reauthorize and amend the small business incentive program established in Texas, specifically focusing on the allocation of premium tax credits for certified investors. The bill introduces provisions to extend and clarify rules regarding the distribution and acceptance of tax credit claims under various programs intended to support investment in small businesses. This legislative move demonstrates a concerted effort to facilitate continued economic growth through incentivizing investment in low-income communities and emerging small enterprises.
Contention
While the bill has garnered support for its potential economic benefits, critics may raise concerns regarding the efficacy and oversight of the premium tax credit allocations. Detractors might argue that the program could benefit larger entities or those already well-established over the smaller, struggling businesses that it aims to support. Moreover, the long-term sustainability of such tax credit programs often comes into question, with debates likely to arise regarding the overall cost-benefit analysis of these incentives in the state budget.
Relating to small business recovery funds and insurance tax credits for certain investments in those funds; imposing a monetary penalty; authorizing fees.
Relating to the creation of a grant matching program for the federal small business innovation research and small business technology transfer programs.
Relating to the establishment of the Texas Parental Empowerment Program and an insurance premium tax credit for contributions made for purposes of that program.
Relating to the establishment of the Texas Parental Empowerment Program and an insurance premium tax credit for contributions made for purposes of that program.
Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.
Relating to the establishment of the Texas Parental Empowerment Program and an insurance premium tax credit for contributions made for purposes of that program.
Authorizes the Department of Economic Development to grant up to $5 million of rebates per calendar year at the rate of 35% of an investor's investment in "Louisiana Entrepreneurial Business," not to exceed $1 million per year per business and $2 million total per business and requires the Louisiana Mega-Project Development Fund to be reduced each fiscal year by an amount which equals the rebates granted. (gov sig) (REF DECREASE GF RV See Note)