| 1 | 1 | | 85R27621 RMA-D |
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| 2 | 2 | | By: Lucio III H.C.R. No. 147 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | CONCURRENT RESOLUTION |
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| 6 | 6 | | WHEREAS, Economic development is a driving force in making |
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| 7 | 7 | | Texas one of the most prosperous and attractive states in the |
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| 8 | 8 | | nation; around the state, however, economically distressed |
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| 9 | 9 | | communities (EDCs), including urban, rural, and port regions, are |
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| 10 | 10 | | not receiving adequate investment and are thus falling further |
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| 11 | 11 | | behind their thriving urban counterparts; and |
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| 12 | 12 | | WHEREAS, As EDCs continue to struggle with generating new |
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| 13 | 13 | | private equity for economic development, more are slipping below |
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| 14 | 14 | | the poverty rate and experiencing decreases in median household |
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| 15 | 15 | | income and employment rates; and |
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| 16 | 16 | | WHEREAS, Through the Community Renewal Tax Relief Act of |
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| 17 | 17 | | 2000, the United States Congress introduced the New Markets Tax |
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| 18 | 18 | | Credit program, which is designed to increase capital to EDCs by |
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| 19 | 19 | | providing modest tax incentives to businesses, private investors, |
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| 20 | 20 | | and banks that produce new infrastructure and economic development |
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| 21 | 21 | | in such communities; and |
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| 22 | 22 | | WHEREAS, Today, large portions of the Lone Star State are |
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| 23 | 23 | | grappling with the negative effects caused by insufficient |
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| 24 | 24 | | development, but the federal government has provided a worthy model |
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| 25 | 25 | | for Texas to use in bolstering its low-income communities and |
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| 26 | 26 | | unlocking its full economic potential; now, therefore, be it |
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| 27 | 27 | | RESOLVED, That the 85th Legislature of the State of Texas |
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| 28 | 28 | | hereby request the lieutenant governor and the speaker of the house |
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| 29 | 29 | | of representatives to create a joint interim committee to study the |
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| 30 | 30 | | feasibility of a state-based New Markets Tax Credit program; and, |
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| 31 | 31 | | be it further |
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| 32 | 32 | | RESOLVED, That the study specifically: |
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| 33 | 33 | | (1) assess the short- and long-term impacts of |
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| 34 | 34 | | deficient economic development and private capital growth on |
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| 35 | 35 | | economically distressed communities; |
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| 36 | 36 | | (2) determine how a state-based New Markets Tax Credit |
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| 37 | 37 | | program could promote economic development in EDCs; and |
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| 38 | 38 | | (3) analyze how EDCs could be affected by a state |
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| 39 | 39 | | program drawing down additional federal credits; and, be it further |
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| 40 | 40 | | RESOLVED, That the committee's proceedings and operations be |
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| 41 | 41 | | governed by such general rules and policies for joint interim |
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| 42 | 42 | | committees as the 85th Legislature may adopt. |
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