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