Expressing intent that funds provided to the State of Texas by the American Recovery and Reinvestment Act be spent, as far as practicable, on domestic goods, materials, and services.
Impact
The resolution signals to state agencies and local governance the importance of prioritizing the procurement of local and domestic products when allocating federal recovery funds. By doing so, it aims to support the American workforce, helping to alleviate the pressing unemployment crisis and bolster the local economy. SR447 underscores the role that stimulus funding can play in promoting sustainable economic recovery, particularly during challenging fiscal times.
Summary
SR447 expresses the intent of the Texas Senate regarding the allocation of funds provided by the American Recovery and Reinvestment Act (ARRA). In the context of the significant unemployment rates faced during the recession, the resolution emphasizes that these federal funds—totaling $787 billion—should be primarily utilized for domestic goods, materials, and services to maximize job creation and economic stimulation. This intent is driven by the notion that spending domestically will yield a 'multiplier' effect, consequently enhancing economic demand within the state and the country as a whole.
Contention
While the resolution is non-binding and serves as a statement of intent, it highlights a broader conversation regarding how federal funds are utilized and the prioritization of local over foreign economic contributions. Critics of reliance on imported goods may argue for additional measures to ensure domestic investment; however, the resolution's advocates seek to maintain focus on the immediate goal of job creation through domestic procurement. It raises awareness of the ongoing need to balance local interests with market accessibility in a global economy.
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 establishment of the Texas Energy Insurance Program and other funding mechanisms to support the construction and operation of electric generating facilities.
Relating to the establishment of the Texas Mircale Act (TMA), allowing for certain fees, authorizing certain ad valorem tax incentives for economic development, specifically certain tax relief from school district taxes for certain corporations and limited liability companies that make large investments that create jobs in this state, to authorizing the imposition of certain fees, and the repeal of Chapter 313 of Texas Tax Code and the Economic Development Act of the 77th Legislature.
Relating to agreements authorizing a limitation on taxable value of certain property to provide for the creation of jobs and the generation of state and local tax revenue; authorizing fees; authorizing penalties.
Relating to the nonsubstantive revision of the health and human services laws governing the Health and Human Services Commission, Medicaid, and other social services.