SRC-MWN H.B. 1592 77(R) BILL ANALYSIS Senate Research Center H.B. 1592 By: Kitchen (Van de Putte) Business & Commerce 5/4/2001 Engrossed DIGEST AND PURPOSE Research and development facilities may benefit the economic development of a municipality by attracting skilled labor and employment opportunities to the area. Under the Development Corporation Act of 1979, an industrial development corporation (IDC) may contract with a municipality to develop and administer projects, funded with bonds or a sales tax option, to expand a municipality's economy. An IDC, however, does not have the authority to administer projects to develop research and development facilities. H.B. 1592 allows an IDC to promote the development and expansion of research and development facilities. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 2(11)(A), Development Corporation Act of 1979 (Article 5190.6, V.T.C.S.), to redefine "project" to include research and development facilities. SECTION 2. Effective date: upon passage or September 1, 2001.