Texas 2015 - 84th Regular

Texas House Bill HB1389 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	84R9332 CLG-D
2	2	By: Villalba H.B. No. 1389
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the funding of certain activities related to the
8	8	commercialization of emerging technologies.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Subchapter D, Chapter 490, Government Code, is
11	11	repealed.
12	12	SECTION 2. Section 490.001(4), Government Code, is amended
13	13	to read as follows:
14	14	(4) "Award" means:
15	15	(A) for purposes of former Subchapter D, an
16	16	investment in the form of equity or a convertible note;
17	17	(B) for purposes of Subchapter E, an investment
18	18	in the form of a debt instrument;
19	19	(C) for purposes of Subchapter F, a grant; or
20	20	(D) other forms of contribution or investment as
21	21	recommended by the committee and approved by the governor,
22	22	lieutenant governor, and speaker of the house of representatives.
23	23	SECTION 3. Sections 490.005(a) and (b), Government Code,
24	24	are amended to read as follows:
25	25	(a) Not later than January 31 of each year, the governor
26	26	shall submit to the lieutenant governor, the speaker of the house of
27	27	representatives, and the standing committee of each house of the
28	28	legislature with primary jurisdiction over economic development
29	29	matters and post on the office of the governor's Internet website a
30	30	report that includes the following information regarding awards
31	31	made under the fund during each preceding state fiscal year:
32	32	(1) the total number and amount of awards made;
33	33	(2) the number and amount of awards made under
34	34	Subchapters [D ,] E[,] and F;
35	35	(3) the aggregate total of private sector investment,
36	36	federal government funding, and contributions from other sources
37	37	obtained in connection with awards made under each of the
38	38	subchapters listed in Subdivision (2);
39	39	(4) the name of each award recipient and the amount of
40	40	the award made to the recipient; and
41	41	(5) a brief description of any [the] equity position
42	42	that the governor, on behalf of the state, may take in companies
43	43	receiving awards and the names of the companies in which the state
44	44	has taken an equity position.
45	45	(b) The annual report must also contain:
46	46	(1) the total number of jobs actually created by each
47	47	project receiving funding under this chapter;
48	48	(2) an analysis of the number of jobs actually created
49	49	by each project receiving funding under this chapter; and
50	50	(3) a brief description regarding:
51	51	(A) the methodology used to determine the
52	52	information provided under Subdivisions (1) and (2), which may be
53	53	developed in consultation with the comptroller's office;
54	54	(B) the intended outcomes of projects funded
55	55	under former Subchapter D during each preceding state fiscal year
56	56	for which funding from the fund was provided for projects and
57	57	activities under that subchapter; and
58	58	(C) the actual outcomes of all projects funded
59	59	under former Subchapter D during each preceding state fiscal year
60	60	for which funding from the fund was provided for projects and
61	61	activities under that subchapter, including any financial impact on
62	62	the state resulting from a liquidity event involving a company
63	63	whose project was funded under that subchapter.
64	64	SECTION 4. Subchapter A, Chapter 490, Government Code, is
65	65	amended by adding Section 490.007 to read as follows:
66	66	Sec. 490.007. GUARANTEE OF ACTION BY CERTAIN PARTICIPATING
67	67	ENTITIES. (a) This section applies only to an entity that
68	68	participated in a regional center of innovation and
69	69	commercialization established under former Subchapter D and
70	70	received funding or another incentive under that subchapter.
71	71	(b) If an entity fails to perform an action guaranteed by
72	72	contract with the governor's office under former Section 490.154(a)
73	73	before a time specified by the contract, the entity shall return to
74	74	the fund the money received by the entity under former Subchapter D.
75	75	SECTION 5. Section 490.102(a), Government Code, is amended
76	76	to read as follows:
77	77	(a) Money appropriated to the fund by the legislature, less
78	78	amounts necessary to administer the fund under Section 490.055,
79	79	shall be allocated as follows:
80	80	(1) 33.34 [50 percent of the money for incentives for
81	81	collaboration between certain entities as provided by Subchapter D;
82	82	[(2) 16.67] percent of the money for research award
83	83	matching as provided by Subchapter E; and
84	84	(2) 66.66 [(3) 33.33] percent of the money for
85	85	acquisition of research superiority as provided by Subchapter F.
86	86	SECTION 6. Section 490.303, Government Code, is amended to
87	87	read as follows:
88	88	Sec. 490.303. ELIGIBILITY OF CLEAN COAL PROJECT FOR MONEY.
89	89	Notwithstanding any other provision of this subchapter, a clean
90	90	coal project constitutes an opportunity for emerging technology
91	91	suitable for consideration for a grant under Subchapter C,
92	92	[incentives as provided by Subchapter D,] grant matching as
93	93	provided by Subchapter E, and acquisition of research superiority
94	94	under Subchapter F.
95	95	SECTION 7. (a) The repeal by this Act of Subchapter D,
96	96	Chapter 490, Government Code, relating to certain
97	97	commercialization of emerging technology activities funded by the
98	98	Texas emerging technology fund, does not affect the validity of an
99	99	agreement between the governor and the recipient of an award
100	100	awarded under Subchapter D, Chapter 490, or a person to be awarded
101	101	money under that subchapter that is entered into under Chapter 490
102	102	before September 1, 2015.
103	103	(b) Money from the Texas emerging technology fund that is
104	104	encumbered because the money is awarded under Subchapter D, Chapter
105	105	490, Government Code, or otherwise obligated by agreement before
106	106	September 1, 2015, but under the terms of the award or agreement
107	107	will not be distributed until a later date shall be distributed in
108	108	accordance with the terms of the award or agreement.
109	109	(c) On or after the effective date of this Act, any fund
110	110	money returned by an entity that received an award under Subchapter
111	111	D, Chapter 490, Government Code, and that fails to perform an action
112	112	guaranteed by a contract entered into under Section 490.154,
113	113	Government Code, shall be sent to the comptroller. The comptroller
114	114	shall deposit 50 percent of the money received under this
115	115	subsection to the credit of the Texas Enterprise Fund and 50 percent
116	116	of the money to the credit of the Texas emerging technology fund.
117	117	SECTION 8. (a) Notwithstanding Section 490.005(a),
118	118	Government Code, as amended by this Act, the report due under that
119	119	section by January 31, 2016, must also include the specified
120	120	information required by Subdivisions (1)-(5) of that section
121	121	regarding awards made under Subchapter D, Chapter 490, Government
122	122	Code, during the 2015 state fiscal year and each preceding state
123	123	fiscal year.
124	124	(b) Notwithstanding Sections 490.005(a) and (b), Government
125	125	Code, as amended by this Act, the report due under Section
126	126	490.005(a) by January 31, 2016, must also contain the specified
127	127	information required by Section 490.005(b) regarding projects
128	128	receiving funding under Subchapter D, Chapter 490, Government Code,
129	129	during the 2015 state fiscal year and each preceding state fiscal
130	130	year.
131	131	SECTION 9. A regional center of innovation and
132	132	commercialization established under Section 490.152, Government
133	133	Code, is abolished on the effective date of this Act. Each center
134	134	shall transfer to the office of the governor a copy of any meeting
135	135	minutes required to be retained under Section 490.1521, Government
136	136	Code, as that section existed immediately before that section's
137	137	repeal by this Act, and the office shall retain the minutes for the
138	138	period prescribed by that section.
139	139	SECTION 10. This Act takes effect September 1, 2015.