By: Brimer S.B. No. 1530
A BILL TO BE ENTITLED
AN ACT
relating to the establishment of economic and business development
programs to be administered by the Texas Department of Economic
Development.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1.01. Subchapter B, Chapter 481, Government Code,
is amended by adding Section 481.0215 to read as follows:
Sec. 481.0215. COORDINATION OF ECONOMIC DEVELOPMENT
EFFORTS. (a) The Texas Economic Development Office shall work
with the legislature and state agencies to identify grants and
programs at all levels of government and to maximize access to
federal funds for economic development.
(b) At the direction of the governor, the Texas Economic
Development Office shall work with each state agency that
administers a program relating to job training or job creation,
including the Texas Workforce Commission, the Department of
Agriculture, and the Office of Rural Affairs, to address the
challenges facing the agencies relating to job training and job
creation.
(c) The Texas Economic Development Office shall direct the
Texas Economic Development Corporation to form partnerships or
enter into agreements with private entities and develop connections
with existing businesses in this state for the purpose of improving
the marketing of this state through networking and clarifying the
potential of the businesses for expansion.
SECTION 1.02. Section 481.0725, Government Code, is amended
to read as follows:
Sec. 481.0725. GENERAL POWERS AND DUTIES. The Texas
Economic Development Office [department] shall:
(6) use market research to establish a state-level
marketing program targeted at business decision makers, to take
advantage of the economic development programs of this state, and
to achieve the goal of making this state a business destination; and
(7) establish a lead generation program to identify
potential employers and business citizens and to form networks with
existing businesses in this state.
SECTION 1.03. Sections 481.087(a) and (b), Government Code,
as amended by Chapters 18 and 602, Acts of the 72nd Legislature,
Regular Session, 1991, are amended to read as follows:
(a) The Texas rural economic development fund is a
[guaranteed loan] fund in the state treasury. The Texas Economic
Development Office [department] may use money in the fund to
establish a reserve fund, in an amount determined by the Texas
Economic Development Office [department] as appropriate, for bonds
issued under [Subchapter E of] this chapter for projects that
[which] are [also] eligible under this subchapter or to insure and
guarantee the bonds in any other manner. [Reserve funds for the
issuance of bonds under Subchapters Q and U may only be created on
approval of the Product Development Advisory Board or the Product
Commercialization Advisory Board, as applicable.]
(b) Appropriations for the implementation and
administration of this subchapter, interest paid on money in the
fund, investment earnings, and fees shall be deposited in the fund.
The Texas Economic Development Office [department] may [also]
deposit proceeds of bonds [funds] issued under [Subchapter E of]
this chapter in the fund.
SECTION 1.04. Chapter 481, Government Code, is amended by
adding Subchapter I to read as follows:
SUBCHAPTER I. IDENTIFICATION OF POTENTIAL NEW PROSPECTS; TAX
INCENTIVE PROPOSAL
Sec. 481.141. TAX INCENTIVE RECOMMENDATIONS. The Texas
Economic Development Office shall formulate tax incentive programs
designed to competitively recruit businesses to this state. Not
later than December 1 of each even-numbered year, the Texas
Economic Development Office shall recommend the programs to the
legislature.
Sec. 481.142. IDENTIFICATION OF POTENTIAL NEW PROSPECTS.
If the Texas Economic Development Office determines that tax
incentives would encourage a business entity to expand in or
relocate to this state, the Texas Economic Development Office shall
enter an order identifying the business as a potential new
prospect.
Sec. 481.143. IDENTIFICATION OF AREAS ELIGIBLE FOR
DESIGNATION AS REINVESTMENT ZONE. The Texas Economic Development
Office may identify areas that are eligible for designation as
reinvestment zones under Chapter 311 or 312, Tax Code. The Texas
Economic Development Office shall inform a governing body of a
municipality or county that has the authority to designate an area
as a reinvestment zone under Chapter 311 or 312, Tax Code, that the
Texas Economic Development Office has identified an area in the
municipality or county as eligible for designation as a
reinvestment zone under this section.
Sec. 481.144. TAX INCENTIVES FOR IDENTIFIED POTENTIAL NEW
PROSPECTS. (a) The Texas Economic Development Office shall
compile a tax incentive package for each business identified as a
potential new prospect under Section 481.142. A tax incentive
package may:
(1) provide that the identified potential new prospect
is eligible for increased tax credits under Section 171.723,
171.753, or 171.803, Tax Code;
(2) recommend that a taxing unit enter into a tax
abatement agreement with an identified potential new prospect under
Chapter 311 or 312, Tax Code; and
(3) recommend that a school district grant an
identified potential new prospect a limitation on appraised value
under Chapter 313, Tax Code.
(b) An identified potential new prospect is eligible for any
tax incentives proposed by the Texas Economic Development Office if
the proposal is approved by:
(1) the governor;
(2) the comptroller; and
(3) the lieutenant governor.
Sec. 481.145. ASSISTANCE. The comptroller and the Texas
Workforce Commission shall assist the Texas Economic Development
Office in compiling the information necessary to make
recommendations under this subchapter.
SECTION 1.05. Chapter 481, Government Code, is amended by
adding Subchapter J to read as follows:
SUBCHAPTER J. FUNDING FOR JOBS CREATION AND SKILLS DEVELOPMENT
Sec. 481.151. JOBS CREATION FUND. (a) The jobs creation
fund is an account in the general revenue fund.
(b) The jobs creation fund is composed of:
(1) money transferred into the fund under Section
204.143, Labor Code;
(2) money transferred into the fund as provided by
Section 57.043, Utilities Code;
(3) gifts, grants, and other donations received by the
Texas Economic Development Office for the fund; and
(4) any amounts appropriated by the legislature for
the fund.
(c) Money in the jobs creation fund may be used only for the
jobs creation fund program.
(d) The Texas Economic Development Office may recommend to
the legislature that an amount be appropriated from the economic
stabilization fund to the jobs creation fund.
Sec. 481.152. RAINY DAY FUND. (a) The jobs creation rainy
day fund is established as a special trust fund in the custody of
the comptroller separate and apart from all public money or funds of
this state.
(b) The jobs creation rainy day fund is composed of:
(1) money transferred to the fund as provided by
Section 204.143, Labor Code; and
(2) any other money received by the Texas Economic
Development Office for deposit in the fund.
(c) The Texas Economic Development Office may use money in
the jobs creation rainy day fund if the Texas Economic Development
Office determines that, after consulting with the comptroller, the
jobs creation fund contains insufficient money to cover the amounts
appropriated by the legislature to operate the jobs creation fund
program and that:
(1) the unemployment rate in this state is 125 percent
of the average unemployment rate in this state during the preceding
three years; or
(2) a severe economic dislocation is occurring in a
specific region of this state.
(d) The Texas Economic Development Office by rule shall
define "severe economic dislocation" for purposes of Subsection
(c). In adopting a definition, the Texas Economic Development
Office shall consider employment-related factors, including:
(1) massive layoffs in a region of this state caused
by:
(A) the closure of military bases;
(B) the effect of the implementation of the North
American Free Trade Agreement;
(C) employer relocations; or
(D) other analogous situations; and
(2) the number of jobs lost in a region compared to the
region's usual rates of employment.
(e) If the Texas Economic Development Office approves the
use of money from the jobs creation rainy day fund because of a
severe economic dislocation occurring in a specific region of the
state, the Texas Economic Development Office may use the money
allocated from the jobs creation rainy day fund solely for projects
located in the affected region.
Sec. 481.153. JOBS CREATION FUND PROGRAM. (a) The jobs
creation fund program is created in the office of the governor as a
workforce development incentive program to enhance employment
opportunities and to increase the competitiveness of the existing
workforce in this state.
(b) The jobs creation fund program shall give priority to
training new workers, retraining workers who have lost their jobs,
and upgrading technical skills for incumbent workers.
(c) The Texas Economic Development Office shall administer
the program.
(d) The Texas Economic Development Office shall adopt rules
as necessary to implement the program.
Sec. 481.154. TRAINING FOR IDENTIFIED POTENTIAL NEW
PROSPECTS. The jobs creation fund program shall provide training
for employees of identified potential new prospects through
agreements with local technical schools, labor union training
programs, local community colleges, or higher education extension
agencies.
Sec. 481.155. REFUND OF UNEXPENDED AMOUNTS. The Texas
Economic Development Office, in consultation with the Texas
Employment Commission, shall adopt rules to provide for the refund
of unexpended amounts in the jobs creation fund to employers that
paid the jobs creation and training assessment imposed under
Section 204.141, Labor Code, for the period during which the
unexpended amounts were collected.
Sec. 481.156. RECOMMENDATIONS FOR SKILLS DEVELOPMENT FUND.
The Texas Economic Development Office, with the assistance of the
Texas Workforce Commission, shall make recommendations to the
governor for enhancing the skills development fund to meet the
needs of identified potential new prospects.
SECTION 1.06. Subchapter K, Chapter 481, Government Code,
is amended by adding Section 481.169 to read as follows:
Sec. 481.169. ADVISORY BOARD OF ECONOMIC DEVELOPMENT
STAKEHOLDERS. (a) An advisory board of economic development
stakeholders is created to assist the Texas Economic Development
Office.
(b) The governor shall appoint seven members to the advisory
board. The governor shall appoint three of the initial members to
two-year terms, and shall appoint four of the initial members to
four-year terms. Thereafter, the governor shall appoint each
member of the advisory board to a four-year term.
(c) The advisory board shall collect and disseminate
information on federal, state, local, and private community
economic development programs, including loans, grants, and other
funding sources.
SECTION 1.07. Subchapter L, Chapter 481, Government Code,
is amended by adding Sections 481.1721 and 481.1722 to read as
follows:
Sec. 481.1721. HERITAGE TOURISM. (a) The Texas Economic
Development Office may promote the appreciation of historic sites,
structures, or objects in this state through a program designed to
develop tourism in this state.
(b) The Texas Economic Development Office shall promote
heritage tourism by assisting persons, including local
governments, organizations, and individuals, in the preservation,
enhancement, and promotion of heritage and cultural attractions in
this state. The program must include efforts to:
(1) raise the standards of heritage and cultural
attractions around this state;
(2) foster heritage preservation and education;
(3) encourage regional cooperation and promotion of
heritage and cultural attractions; and
(4) foster effective local tourism leadership and
organizational skills.
Sec. 481.1722. HIGHWAY TOURISM AND ADVERTISING. (a) The
Texas Economic Development Office may compile and publish for
distribution documents, including bulletins and pamphlets, to:
(1) disseminate information relating to highway
construction, repair, maintenance, and upkeep;
(2) advertise the highways of this state; and
(3) attract traffic to this state.
(b) A document compiled or published under Subsection (a)
shall contain information relating to:
(1) the highways of this state;
(2) public parks, recreational grounds, scenic
places, and other public places or objects of interest;
(3) distances;
(4) historical facts; or
(5) other items or matters of interest and value to the
general public and road users.
(c) The Texas Economic Development Office may make or cause
to be made maps showing the highways of this state and the
municipalities and other places of interest served and reached by
the highways. The Texas Economic Development Office may publish
and distribute the maps in a manner determined by the Texas Economic
Development Office to best benefit the public.
(d) Single copies of documents, maps, and other travel
materials distributed by the Texas Economic Development Office
under this section shall be provided free of charge. The Texas
Economic Development Office by rule may require payment for large
quantities of the materials in an amount sufficient to recover its
direct and indirect production costs and may authorize the free
distribution of multiple copies if the distribution will maximize
the Texas Economic Development Office's resources for advertising
the highways of this state and promoting travel to and within this
state. Money paid to the Texas Economic Development Office under
this section shall be deposited to the credit of the tourism account
in the general revenue fund to finance the Texas Economic
Development Office's tourism activities. Section 403.095 does not
apply to funds deposited in the tourism account under this
subsection.
(e) The Texas Economic Development Office shall maintain
and operate travel information centers at the principal gateways to
this state for the purpose of providing road information, travel
guidance, and various descriptive materials, pamphlets, and
booklets designed to furnish aid and assistance to the traveling
public and stimulate travel to and within this state.
(f) The Texas Economic Development Office may:
(1) purchase advertising space in periodicals of
national circulation or time on broadcasting facilities;
(2) contract with a recognized and financially
responsible advertising agency that has a minimum of five years of
experience in handling accounts of similar scope;
(3) contract for space in magazines, papers, or
periodicals for the publication of advertising or other information
that the Texas Economic Development Office determines is useful and
informative to persons outside this state; or
(4) contract with a motion picture producer or another
person for the taking of moving or still pictures in this state and
provide for the showing of the films.
(g) The Texas Economic Development Office may accept
contributions from private persons to fund the Texas Economic
Development Office's activities under this section and may deposit
the contributions in a bank to be used at the discretion of the
Texas Economic Development Office in compliance with the wishes of
the donor, to the extent practicable.
(h) The Texas Economic Development Office may contract with
private entities for the production, marketing, and distribution of
pamphlets, bulletins, documents, and other travel materials
published under Subsection (a) on terms considered by the Texas
Economic Development Office to be beneficial to this state,
including terms providing cost savings. A contract may include
cooperative strategies considered by the Texas Economic
Development Office to be cost-beneficial and may provide for the
acceptance of paid advertising in the travel materials if the
quality and quantity of the travel materials is maintained.
(i) The Texas Economic Development Office may sell
promotional items such as calendars, books, prints, caps, light
clothing, or other items approved by the Texas Economic Development
Office as advertising the resources of this state. All proceeds
from the sale of the items shall be deposited to the credit of the
tourism account in the general revenue fund to finance the Texas
Economic Development Office's tourism activities. Section 403.095
does not apply to funds deposited in the tourism account under this
subsection.
SECTION 1.08. Subchapter P, Chapter 481, Government Code,
is amended by adding Section 481.213 to read as follows:
Sec. 481.213. ADVANCED TECHNOLOGY RESOURCE CENTER. (a) In
this section, "center" means the Advanced Technology Resource
Center.
(b) The Texas Economic Development Office shall establish
the center to study and collect information relating to emerging
industries, including microelectronics, telecommunications, and
biotechnology.
(c) The Texas Economic Development Office shall appoint an
advisory board composed of individuals with contacts with or
experience in private-sector or higher education research and
development establishments. The advisory board shall administer
the center, stay informed of new technology, and advise the Texas
Economic Development Office of new prospects for quality future
employment.
(d) The center, with the assistance of the Texas Economic
Development Office, shall establish and maintain an Internet site
that provides the public with access to the information compiled
under this section.
ARTICLE 2. TAX INCENTIVES FOR IDENTIFIED POTENTIAL NEW PROSPECTS
SECTION 2.01. Sections 171.723(a) and (d), Tax Code, are
amended to read as follows:
(a) The credit for any report equals 10 [five] percent of
the sum of:
(1) the excess of qualified research expenses incurred
in this state during the period upon which the tax is based over the
base amount for this state; and
(2) the basic research payments determined under
Section 41(e)(1)(A), Internal Revenue Code, for this state during
the period upon which the tax is based.
(d) In computing the credit under this section:
(1) [,] a corporation may multiply by two the amount of
any qualified research expenses and basic research payments made in
a strategic investment area; or
(2) a corporation that is eligible for an increased
credit as provided by Section 481.144, Government Code, may
multiply by two the amount of any qualified research expenses and
basic research payments made on or before the third anniversary of
the date on which the corporation is identified as a potential new
prospect.
SECTION 2.02. Section 171.751(9), Tax Code, as effective
September 1, 2003, is amended to read as follows:
(9) "Qualifying job" means a new permanent full-time
job that:
(A) [is located in:
[(i) a strategic investment area;
[(ii) a county within this state with a
population of less than 50,000, if the job is created by a business
primarily engaged in agricultural processing; or
[(iii) an enterprise zone or a readjustment
zone, regardless of whether the job meets the qualifications
prescribed by Paragraphs (B)-(F), if the job is created by a
qualified business that has been designated as an enterprise
project or defense readjustment project, respectively;
[(B)] requires at least 1,600 hours of work a
year;
(B) [(C)] pays at least 110 percent of the county
average weekly wage for the county where the job is located;
(C) [(D)] is covered by a group health benefit
plan for which the business pays at least 80 percent of the premiums
or other charges assessed under the plan for the employee;
(D) [(E)] is not transferred from one area in
this state to another area in this state; and
(E) [(F)] is not created to replace a previous
employee.
SECTION 2.03. Section 171.751(9), Tax Code, as effective
January 1, 2005, is amended to read as follows:
(9) "Qualifying job" means a new permanent full-time
job that:
(A) [is located in:
[(i) a strategic investment area; or
[(ii) a county within this state with a
population of less than 50,000, if the job is created by a business
primarily engaged in agricultural processing;
[(B)] requires at least 1,600 hours of work a
year;
(B) [(C)] pays at least 110 percent of the county
average weekly wage for the county where the job is located;
(C) [(D)] is covered by a group health benefit
plan for which the business pays at least 80 percent of the premiums
or other charges assessed under the plan for the employee;
(D) [(E)] is not transferred from one area in
this state to another area in this state; and
(E) [(F)] is not created to replace a previous
employee.
SECTION 2.04. Section 171.753, Tax Code, is amended to read
as follows:
Sec. 171.753. CALCULATION OF CREDIT. (a) A corporation
may establish a credit equal to five percent of the total wages and
salaries paid by the corporation for qualifying jobs during the
period upon which the tax is based.
(b) A corporation that is eligible for an increased credit
as provided by Section 481.144, Government Code, may establish a
credit equal to:
(1) for the period on or before the third anniversary
of the date on which the corporation is identified as a potential
new prospect under Section 481.142, Government Code:
(A) 20 percent of the total wages and salaries
paid by the corporation for qualifying jobs during the period upon
which the tax is based; or
(B) 40 percent of the total wages and salaries
paid by the corporation for qualifying jobs in a strategic
investment area during the period upon which the tax is based; and
(2) for the period after the third anniversary and on
or before the sixth anniversary of the date on which the corporation
is identified as a potential new prospect under Section 481.142,
Government Code:
(A) 10 percent of the total wages and salaries
paid by the corporation for qualifying jobs during the period upon
which the tax is based; or
(B) 20 percent of the total wages and salaries
paid by the corporation for qualifying jobs in a strategic
investment area during the period upon which the tax is based.
SECTION 2.05. Section 171.755(a), Tax Code, is amended to
read as follows:
(a) The total credit claimed under this subchapter for a
report, including the amount of any carryforward credit under
Section 171.756, may not exceed 50 percent of the amount of
franchise tax due for the report before any other applicable tax
credits. This subsection does not apply to a corporation that is
eligible for an increased credit as provided by Section 481.144,
Government Code, on or before the third anniversary of the date on
which the corporation is identified as a potential new prospect
under Section 481.142, Government Code.
SECTION 2.06. Section 171.801(2), Tax Code, as effective
September 1, 2003, is amended to read as follows:
(2) "Qualified capital investment" means tangible
personal property first placed in service in this state [a
strategic investment area, first placed in service in a county with
a population of less than 50,000 by a corporation primarily engaged
in agricultural processing, or first placed in service in an
enterprise zone or defense readjustment zone by a qualified
business that has been designated as an enterprise project or
readjustment project, respectively, and] that is described in
Section 1245(a), Internal Revenue Code, such as engines, machinery,
tools, and implements used in a trade or business or held for
investment and subject to an allowance for depreciation, cost
recovery under the accelerated cost recovery system, or
amortization. The term does not include real property or buildings
and their structural components. Property that is leased under a
capitalized lease is considered a "qualified capital investment,"
but property that is leased under an operating lease is not
considered a "qualified capital investment." Property expensed
under Section 179, Internal Revenue Code, is not considered a
"qualified capital investment."
SECTION 2.07. Section 171.801(2), Tax Code, as effective
January 1, 2005, is amended to read as follows:
(2) "Qualified capital investment" means tangible
personal property first placed in service in this state [a
strategic investment area, or first placed in service in a county
with a population of less than 50,000 by a corporation primarily
engaged in agricultural processing, and] that is described in
Section 1245(a), Internal Revenue Code, such as engines, machinery,
tools, and implements used in a trade or business or held for
investment and subject to an allowance for depreciation, cost
recovery under the accelerated cost recovery system, or
amortization. The term does not include real property or buildings
and their structural components. Property that is leased under a
capitalized lease is considered a "qualified capital investment,"
but property that is leased under an operating lease is not
considered a "qualified capital investment." Property expensed
under Section 179, Internal Revenue Code, is not considered a
"qualified capital investment."
SECTION 2.08. Section 171.803, Tax Code, is amended to read
as follows:
Sec. 171.803. CALCULATION OF CREDIT. (a) A corporation
may establish a credit equal to 7.5 percent of the qualified capital
investment during the period upon which the tax is based. A
corporation may establish a credit equal to 15 percent of the
qualified capital investment first placed into service in a
strategic investment area during the period upon which the tax is
based.
(b) A corporation that is eligible for an increased credit
as provided by Section 481.144, Government Code, may establish a
credit equal to:
(1) 20 percent of a qualified capital investment
during the period upon which the tax is based, on or before the
third anniversary of the date on which a corporation is identified
as a potential new prospect under Section 481.142, Government Code;
and
(2) 10 percent of a qualified capital investment
during the period upon which the tax is based, after the third
anniversary and on or before the sixth anniversary of the date on
which the corporation is identified as a potential new prospect
under Section 481.142, Government Code.
SECTION 2.09. Section 311.0125, Tax Code, is amended by
adding Subsection (e) to read as follows:
(e) In determining whether to approve an agreement to abate
taxes on real property in a reinvestment zone under Subsection (b),
the board of directors of the reinvestment zone and the governing
body of a taxing unit shall consider any recommendation made by the
economic development Texas Economic Development Office.
SECTION 2.10. Section 312.204, Tax Code, is amended by
adding Subsection (g) to read as follows:
(g) In determining whether to enter into a tax abatement
agreement under this section, the governing body of a municipality
shall consider any recommendation made by the economic development
Texas Economic Development Office.
SECTION 2.11. Section 312.402, Tax Code, is amended by
adding Subsection (f) to read as follows:
(f) In determining whether to enter into a tax abatement
agreement under this section, the commissioners court of a county
shall consider any recommendation made by the economic development
Texas Economic Development Office.
SECTION 2.12. Section 313.025, Tax Code, is amended by
adding Subsection (g) to read as follows:
(g) In determining whether to grant an application, the
governing body of the school district shall consider any
recommendation made by the economic development Texas Economic
Development Office.
ARTICLE 3. CHANGES RELATING TO JOBS CREATION FUNDING
SECTION 3.01. Section 204.006(a), Labor Code, is amended to
read as follows:
(a) A person's contribution rate for the calendar year in
which the person becomes an employer is the greater of:
(1) the rate established for that year for the major
group to which the employer is assigned under Section 204.004; or
(2) two and six-tenths [seven-tenths] percent.
SECTION 3.02. Section 204.062(a), Labor Code, is amended to
read as follows:
(a) In addition to the general tax computed under Subchapter
C, an employer entitled to an experience rate shall pay a
replenishment tax at the rate computed by:
(1) dividing the numerator described by Subsection (b)
by the denominator described by Subsection (c);
(2) multiplying that result by 100 to obtain a
percentage; [and]
(3) rounding that result to the nearest hundredth; and
(4) subtracting 0.1 from the resulting quotient.
SECTION 3.03. Chapter 204, Labor Code, is amended by adding
Subchapter H to read as follows:
SUBCHAPTER H. JOBS CREATION AND TRAINING ASSESSMENT; FUNDS
Sec. 204.141. JOBS CREATION AND TRAINING ASSESSMENT.
(a) In addition to any other taxes imposed by this subtitle, a jobs
creation and training assessment is imposed on each employer paying
contributions under this subtitle as a separate assessment of
one-tenth percent of wages paid by the employer.
(b) The commission shall deposit the revenue from the jobs
creation and training assessment to the credit of the holding fund
created under Section 204.142.
(c) The jobs creation and training assessment is due at the
same time, collected in the same manner, and subject to the same
penalties and interest as other contributions assessed under this
subtitle.
Sec. 204.142. HOLDING FUND. (a) The holding fund is a
special trust fund in the custody of the comptroller separate and
apart from all public money or funds of this state.
(b) The comptroller shall administer the holding fund in
accordance with the directions of the commission. Interest
accruing on amounts in the holding fund shall be deposited
quarterly to the credit of the compensation fund.
Sec. 204.143. TRANSFER TO JOBS CREATION FUND. (a) If, on
September 1 of a year, the commission determines that the amount in
the compensation fund will exceed 100 percent of its floor as
computed under Section 204.061 on the next October 1 computation
date, the commission shall transfer from the holding fund created
under Section 204.142:
(1) 80 percent of the amount in the holding fund to the
jobs creation fund created under Section 481.151, Government Code;
and
(2) 20 percent of the amount in the holding fund to the
jobs creation rainy day fund created under Section 481.152,
Government Code.
(b) If, on September 1 of a year, the commission determines
that the amount in the compensation fund will be at or below 100
percent of its floor as computed under Section 204.061 on the next
October 1 computation date, the commission shall transfer to the
compensation fund as is necessary to raise the amount in the
compensation fund to 100 percent of its floor, up to and including
the entire amount in the holding fund. The commission shall
transfer any remaining balance in the holding fund to the jobs
creation fund and the jobs creation rainy day fund in the
percentages prescribed by Subsection (a).
SECTION 3.04. Section 57.043, Utilities Code, is amended by
adding Subsection (d) to read as follows:
(d) The comptroller may, at the request of the governor,
transfer money from the telecommunications infrastructure fund to
the jobs creation fund to be used for training programs and distance
learning.
ARTICLE 4. EFFECTIVE DATE; TRANSITION
SECTION 4.01. (a) Except as provided by Subsection (b) of
this section, this Act takes effect September 1, 2003.
(b) Sections 3.03 and 3.07 of this Act take effect September
1, 2005.
SECTION 4.02. The changes in law made by Article 3 of this
Act apply only to taxes imposed on or after the effective date of
this Act. Taxes imposed before the effective date of this Act are
governed by the law as it existed immediately before that date, and
the former law is continued in effect for purposes of liability for
and collection of those taxes.