Texas 2019 - 86th Regular

Texas House Bill HCR179

Caption

Requesting the Governor's Office of Economic Development and Tourism to conduct a study on the promotion of Employee Stock Ownership Plans in Texas.

Impact

The resolution requests that the Governor's Office of Economic Development and Tourism conduct a comprehensive study on how to promote ESOPs in Texas. This study aims to uncover the benefits of ESOPs, including fostering corporate growth, reducing unemployment, enhancing job satisfaction, and encouraging higher employee retention rates. By advocating for ESOPs, Texas lawmakers aim to create a more robust economy that empowers employees and supports entrepreneurship. A full report with findings and recommendations is expected to be presented to the 87th Texas Legislature, fostering legislative support for the promotion of employee ownership in businesses.

Summary

HCR179 is a concurrent resolution that seeks to promote Employee Stock Ownership Plans (ESOPs) within the state of Texas. ESOPs are tax-qualified retirement plans that allow employees to have ownership stakes in the companies they work for, fostering a culture of shared success and motivation among the workforce. The resolution references a 2000 Rutgers study that demonstrates a significant increase in company growth rates after establishing ESOPs, suggesting that employee ownership can lead to better performance and productivity within businesses. Currently, Texas hosts over 700 ESOPs, indicating a substantial potential for expansion in this area.

Contention

While the resolution does not indicate explicit contention, the promotion of ESOPs may generate discussions regarding the effectiveness of such plans in comparison to traditional ownership models. There may also be debate over the best methods to incentivize businesses to transition to an employee ownership model. Critics might question the feasibility and scalability of ESOPs for certain businesses, thus sparking conversations about the implications for workers and businesses of varying sizes.

Companion Bills

No companion bills found.

Previously Filed As

TX SB1940

Relating to the continuation and functions of the Texas Economic Development and Tourism Office.

TX SB1233

Relating to companies in which employees have ownership interests through employee stock ownership plans.

TX HB1515

Relating to the continuation and functions of and certain programs subject to rules adopted by the Texas Economic Development and Tourism Office.

TX HB4483

Relating to a study by the Texas A&M Transportation Institute regarding the economic impact of navigation districts on the state and local economies.

TX HCR63

Requesting the Lieutenant Governor and Speaker to create a joint interim committee to study suicide prevention in Texas.

TX SB1823

Relating to the provision by the Texas Water Development Board of financial assistance for the development of residential drainage projects in economically distressed areas.

TX SB2441

Relating to the transfer of functions relating to the economic regulation of water and sewer service from the Public Utility Commission of Texas and the Office of Public Utility Counsel to the Water Public Utility Commission and the Office of Water Public Utility Counsel; creating a criminal offense.

Similar Bills

No similar bills found.