| 1 | 1 | | 87R6706 MLH-F |
|---|
| 2 | 2 | | By: Paxton, Menéndez S.B. No. 2029 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to the creation of the employee ownership assistance |
|---|
| 8 | 8 | | office within the Texas A&M University School of Business. |
|---|
| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. Chapter 88, Education Code, is amended by adding |
|---|
| 11 | 11 | | Subchapter L to read as follows: |
|---|
| 12 | 12 | | SUBCHAPTER L. EMPLOYEE OWNERSHIP ASSISTANCE OFFICE |
|---|
| 13 | 13 | | Sec. 88.841. ESTABLISHMENT OF EMPLOYEE OWNERSHIP |
|---|
| 14 | 14 | | ASSISTANCE OFFICE. The employee ownership assistance office is an |
|---|
| 15 | 15 | | office within the Texas A&M University School of Business. |
|---|
| 16 | 16 | | Sec. 88.842. DUTIES. (a) The employee ownership |
|---|
| 17 | 17 | | assistance office shall establish and administer for businesses in |
|---|
| 18 | 18 | | this state: |
|---|
| 19 | 19 | | (1) an outreach and information dissemination program |
|---|
| 20 | 20 | | to foster increased awareness of employee stock ownership plans; |
|---|
| 21 | 21 | | and |
|---|
| 22 | 22 | | (2) a technical assistance program to assist |
|---|
| 23 | 23 | | businesses in determining the feasibility of establishing an |
|---|
| 24 | 24 | | employee stock ownership plan. |
|---|
| 25 | 25 | | (b) The employee ownership assistance office shall make |
|---|
| 26 | 26 | | available to businesses in this state information relating to |
|---|
| 27 | 27 | | obtaining assistance under the programs established under |
|---|
| 28 | 28 | | Subsection (a). |
|---|
| 29 | 29 | | (c) The employee ownership assistance office may conduct |
|---|
| 30 | 30 | | research, collect relevant data, and conduct forums on employee |
|---|
| 31 | 31 | | stock ownership plans. |
|---|
| 32 | 32 | | (d) In this section, "employee stock ownership plan" has the |
|---|
| 33 | 33 | | meaning assigned by Section 4975(e), Internal Revenue Code of 1986. |
|---|
| 34 | 34 | | Sec. 88.843. GRANTS, GIFTS, AND DONATIONS. The board may |
|---|
| 35 | 35 | | solicit and accept gifts, grants, and donations for the purposes of |
|---|
| 36 | 36 | | this subchapter. |
|---|
| 37 | 37 | | SECTION 2. This Act takes effect September 1, 2021. |
|---|