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