Relating to use of the money from the Texas Enterprise Fund to benefit small businesses.
Impact
If enacted, the bill is projected to have a significant positive impact on small businesses within the state. By facilitating easier access to funding, it aims to stimulate economic growth and create a more conducive environment for entrepreneurship. Small businesses typically face challenges in securing funding, and the provisions of SB355 could mitigate some of these barriers, enabling them to thrive and expand their services within the community.
Summary
Senate Bill 355 aims to enhance the support for small businesses in Texas by altering the use of funds from the Texas Enterprise Fund. Recognizing the critical role that small businesses play in the state’s economy, the bill mandates that the Governor consider granting financial support specifically to small businesses. These grants are intended to encourage the establishment and development of new small businesses, as well as the relocation of out-of-state small businesses into Texas. The definition of a 'small business', as outlined in the bill, includes entities with less than 100 employees that are independently owned and operated.
Contention
While the bill may be well-received in small business communities, potential points of contention might arise during discussions regarding the allocation of funds. Stakeholders may debate the effectiveness of utilizing the Texas Enterprise Fund for grants exclusively to small businesses, considering the diverse economic needs of larger businesses and economic sectors. Additionally, there might be scrutiny around the criteria for determining which businesses qualify as 'small', as well as the overall implications for state funding priorities and budget allocations.
Relating to the authority of the TexAmericas Center to provide services to and make investments in certain business enterprises and to create certain business organizations for purposes of the center.
Relating to the authority of the TexAmericas Center to provide services to and make investments in certain business enterprises and to create certain business organizations for purposes of the center.
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 allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, and the Grow Texas fund and to the permissible uses of money deposited to the Grow Texas fund.
Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, the property tax relief fund, and the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund and to the permissible uses of money deposited to the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund.