Enrolled Bill Summary

            House Bill 3050 amends provisions of the Agriculture Code relating to certain loan programs of the Texas Agriculture Finance Authority and the promotion of agriculture-related rural businesses. The act increases the maximum loan amount available under the microenterprise support program from $15,000 to $25,000 for a start-up program and from $30,000 to $50,000 for existing programs. The amount of state funds available in linked deposits is increased from $15 million to $25 million, and the authority of the loan guarantee program is expanded to allow for loans and loan guarantees to promote the development of agriculture-related rural businesses, including businesses that provide recreational activities on agricultural land, and for insect eradication and suppression programs, including boll weevil eradication.

            House Bill 3050 enhances opportunities for young farmers under the Young Farmer Loan Guarantee Program and increases the maximum loan amount from $100,000 to $250,000. The act also transfers the young farmer loan guarantee account from the general revenue fund to the Texas agriculture fund and amends the Transportation Code to provide for the deposit of farm vehicle assessments in this account.