Relating to the Texas Enterprise Fund and the Texas emerging technology fund.
Impact
The legislation is significant as it strengthens the regulatory framework governing the awarding of grants from the Texas Enterprise Fund and Emerging Technology Fund. By instituting specific job creation requirements and legislative oversight, SB1175 is expected to foster more accountability in the disbursement of state funds. Supporters argue this will lead to more effective use of taxpayer money, compelling grant recipients to fulfill their commitments to job growth. However, the bill also imposes a more rigorous approval process, which may slow down the funding for potential innovative projects that require swift action.
Summary
SB1175 proposes amendments to the Texas Enterprise Fund and the Texas Emerging Technology Fund, aimed at enhancing state oversight and accountability over grants awarded from these funds. The bill requires the Governor to obtain prior written approval from the Lieutenant Governor and Speaker of the House for any grant proposals exceeding a certain threshold. Additionally, it mandates the inclusion of specific provisions in grant agreements to ensure the creation of a minimum number of jobs within the state, along with timelines for achieving these goals. This is intended to ensure that state funds lead to tangible economic benefits for Texas residents.
Relating to the funding of projects by the Public Utility Commission of Texas to promote the reliability and resiliency of the power grid in this state; authorizing the issuance of revenue bonds.
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 state economic development measures, including administration of the Texas Enterprise Fund, the abolishment of the Texas emerging technology fund, and the disposition of balances from the Texas emerging technology fund.
Relating to state economic development measures, including administration of the Texas Enterprise Fund, creation of the Economic Incentive Oversight Board and the governor's university research initiative, abolishment of the Texas emerging technology fund, and renaming the Major Events trust fund to the Major Events Reimbursement Program.
Relating to creation of the university research initiative fund, the abolishment of the Texas emerging technology fund, and the disposition of balances from the Texas emerging technology fund.