| 1 | 1 | | 88R14337 KJE-D |
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| 2 | 2 | | By: Reynolds H.B. No. 3873 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the establishment of an economic opportunity grant |
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| 8 | 8 | | program by the comptroller of public accounts. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Chapter 403, Government Code, is amended by |
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| 11 | 11 | | adding Subchapter V to read as follows: |
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| 12 | 12 | | SUBCHAPTER V. ECONOMIC OPPORTUNITY GRANT PROGRAM |
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| 13 | 13 | | Sec. 403.701. DEFINITION. In this subchapter, "program" |
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| 14 | 14 | | means the economic opportunity grant program established under this |
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| 15 | 15 | | subchapter. |
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| 16 | 16 | | Sec. 403.702. GRANT PROGRAM. (a) The comptroller shall |
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| 17 | 17 | | establish an economic opportunity grant program to increase |
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| 18 | 18 | | economic opportunities for minority and low-income residents of |
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| 19 | 19 | | this state. The comptroller may apply to the program any money made |
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| 20 | 20 | | available for that purpose. |
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| 21 | 21 | | (b) The comptroller by rule shall establish: |
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| 22 | 22 | | (1) eligibility criteria for grant applicants; |
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| 23 | 23 | | (2) grant application procedures; |
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| 24 | 24 | | (3) guidelines relating to grant amounts; |
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| 25 | 25 | | (4) procedures for evaluating grant applications; and |
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| 26 | 26 | | (5) procedures for monitoring the use of a grant |
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| 27 | 27 | | awarded under the program and ensuring compliance with any |
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| 28 | 28 | | condition of a grant. |
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| 29 | 29 | | Sec. 403.703. GRANT USE. A grant awarded under the program |
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| 30 | 30 | | may be used to: |
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| 31 | 31 | | (1) pay the cost of tuition and fees at a public or |
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| 32 | 32 | | private institution of higher education; |
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| 33 | 33 | | (2) purchase a home; or |
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| 34 | 34 | | (3) make any investment in financial assets or |
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| 35 | 35 | | personal capital that provides long-term gains to wages and wealth, |
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| 36 | 36 | | as established by comptroller rule. |
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| 37 | 37 | | Sec. 403.704. RULES. The comptroller may adopt rules as |
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| 38 | 38 | | necessary to implement this subchapter. |
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| 39 | 39 | | SECTION 2. This Act takes effect September 1, 2023. |
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