SRC-AXB S.B. 313 76(R) BILL ANALYSIS Senate Research Center S.B. 313 76R3238 WP-DBy: Madla Veterans Affairs and Military Installations 2/15/1999 As Filed DIGEST Currently, the Texas Department of Economic Development is authorized to designate two businesses in a single zone as defense readjustment projects. A company with such designation qualifies for a tax refund of $2,500 for each new job that is retained by the project, and is allowed to make reductions of taxable capital within a zone. This bill will increase the number of businesses with the defense readjustment project designation to six. PURPOSE As proposed, S.B. 313 increases the number of businesses in a single readjustment zone that the Texas Department of Economic Development is authorized to designate as a defense readjustment project. RULEMAKING AUTHORITY This bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 2310.303, Government Code, to prohibit the Texas Department of Economic Development from designating more than six, rather than two, businesses in a single readjustment zone as defense readjustment projects. SECTION 2.Emergency clause. Effective date: upon passage.