83R8742 DDT-D
By: Carter H.B. No. 2866
A BILL TO BE ENTITLED
AN ACT
relating to the establishment and operation of the technology
business incubator program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 489, Government Code, is amended by
adding Subchapter E to read as follows:
SUBCHAPTER E. TECHNOLOGY BUSINESS INCUBATOR PROGRAM
Sec. 489.251. DEFINITIONS. In this subchapter:
(1) "Board" means the Product Development and Small
Business Incubator Board established under Subchapter D.
(2) "Program" means the technology business incubator
program.
(3) "Small technology business" means a business that
primarily provides technology-related goods or services and
generated less than $1 million in gross annual revenue during the
preceding year.
Sec. 489.252. TECHNOLOGY BUSINESS INCUBATOR PROGRAM. The
technology business incubator program is established to provide
selected small technology businesses with appropriate rental space
and leases, shared office services and equipment, technology
support services, and financial assistance to ensure the continued
economic growth of this state.
Sec. 489.253. BOARD OVERSIGHT. The board shall oversee the
administration and operation of the program.
Sec. 489.254. FUNDING. The board may use money from the
Texas product development fund or the Texas small business
incubator fund to operate the program, as appropriate.
Sec. 489.255. SELECTION. A small technology business may
apply to the board for acceptance into the program. A small
technology business that participates in the program must agree to
continue to do business in this state while the business is
participating in the program.
SECTION 2. As soon as practicable after the effective date
of this Act but not later than January 1, 2014, the Texas Economic
Development and Tourism Office shall adopt rules to implement the
technology business incubator program established under Subchapter
E, Chapter 489, Government Code, as added by this Act.
SECTION 3. This Act takes effect September 1, 2013.