85R27621 RMA-D
By: Lucio III H.C.R. No. 147
CONCURRENT RESOLUTION
WHEREAS, Economic development is a driving force in making
Texas one of the most prosperous and attractive states in the
nation; around the state, however, economically distressed
communities (EDCs), including urban, rural, and port regions, are
not receiving adequate investment and are thus falling further
behind their thriving urban counterparts; and
WHEREAS, As EDCs continue to struggle with generating new
private equity for economic development, more are slipping below
the poverty rate and experiencing decreases in median household
income and employment rates; and
WHEREAS, Through the Community Renewal Tax Relief Act of
2000, the United States Congress introduced the New Markets Tax
Credit program, which is designed to increase capital to EDCs by
providing modest tax incentives to businesses, private investors,
and banks that produce new infrastructure and economic development
in such communities; and
WHEREAS, Today, large portions of the Lone Star State are
grappling with the negative effects caused by insufficient
development, but the federal government has provided a worthy model
for Texas to use in bolstering its low-income communities and
unlocking its full economic potential; now, therefore, be it
RESOLVED, That the 85th Legislature of the State of Texas
hereby request the lieutenant governor and the speaker of the house
of representatives to create a joint interim committee to study the
feasibility of a state-based New Markets Tax Credit program; and,
be it further
RESOLVED, That the study specifically:
(1) assess the short- and long-term impacts of
deficient economic development and private capital growth on
economically distressed communities;
(2) determine how a state-based New Markets Tax Credit
program could promote economic development in EDCs; and
(3) analyze how EDCs could be affected by a state
program drawing down additional federal credits; and, be it further
RESOLVED, That the committee's proceedings and operations be
governed by such general rules and policies for joint interim
committees as the 85th Legislature may adopt.