Relating to the creation of research technology corporations for the development and commercialization of technologies owned by institutions of higher education or by certain medical centers with members that are institutions of higher education; providing for tax exemptions; providing a penalty.
Impact
If enacted, HB 906 could significantly alter the landscape of economic and educational collaboration. It establishes a new legal framework for forming research technology corporations, which are exempt from various taxes, including ad valorem and franchise taxes. The bill's provisions would effectively lower operational costs for these corporations, thereby stimulating the growth of technological research and development activities linked to universities and medical centers and potentially attracting more funding and resources to the state.
Summary
House Bill 906 introduces provisions for the creation of university research technology corporations that engage in developing and commercializing technologies owned by institutions of higher education or qualified medical centers. The bill aims to promote the intersection of education and economic development, acknowledging the importance of research and innovation in a competitive economy. By allowing these specialized corporations to operate with certain tax exemptions, the bill encourages investment in technological advancements and partnerships between educational institutions and private sectors.
Contention
Despite the potential benefits, the bill may face challenges concerning oversight and accountability. Critics may question how effectively the tax exemptions will be monitored and whether such corporations will fulfill their mandate exclusively to benefit educational and public purposes, as stipulated. Additionally, concerns regarding the equitable distribution of benefits and the possibility of misuse of tax exemptions could arise, necessitating a thorough examination of compliance frameworks to ensure that the intent of the legislation is upheld.
Enabling for
Proposing a constitutional amendment authorizing the legislature to provide for an exemption from ad valorem taxation of certain property owned by or leased to or by a university research technology corporation.
Relating to the disclosure of certain gifts, grants, contracts, and financial interests received from a foreign source by certain state agencies, public institutions of higher education, and state contractors, and to the approval and monitoring of employment-related foreign travel and activities by certain public institution of higher education employees; providing civil and administrative penalties.
Relating to the disclosure of certain gifts, grants, contracts, and financial interests received from a foreign source by certain state agencies, public institutions of higher education, and state contractors, and to the approval and monitoring of employment-related foreign travel and activities by certain public institution of higher education employees; providing civil and administrative penalties.
Relating to an annual study by the Texas A&M University Texas Real Estate Research Center of the purchase and sale of single-family homes by certain institutional buyers.
Relating to the creation of research technology corporations for the development and commercialization of technologies owned by institutions of higher education or by certain medical centers with members that are institutions of higher education; providing for tax exemptions; providing a penalty.
Relating to the creation of research technology corporations for the development and commercialization of technologies owned by institutions of higher education or by certain medical centers with members that are institutions of higher education; providing for tax exemptions; providing a penalty.
Establishes an income tax credit for donations of property used for research or direct education of students to certain educational institutions (EG -$2,120,000 GF RV See Note)
Establishes Clean Energy Technology Center and Alternative and Clean Energy Investment Trust Fund for purposes of creating clean energy-related employment opportunities; allocates revenues from societal benefits charge to support its activities.