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A BILL TO BE ENTITLED
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AN ACT
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relating to use of the money from the Texas Enterprise Fund to |
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benefit small-business concerns. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The vital importance of small-business concerns |
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to the economy of this state and the well-being of its residents |
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requires that it be the policy of this state to encourage the |
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creation of small-business concerns and promote opportunities for |
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those concerns to prosper. |
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SECTION 2. Section 481.078, Government Code, is amended by |
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adding Subsection (k) to read as follows: |
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(k) At least 25 percent of the total amount of grants made |
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from the fund must be made to recipients that are small-business |
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concerns or that commit to using the grants to create new |
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small-business concerns. For the purposes of this subsection |
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"small-business concern" has the meaning provided by 15 U.S.C. |
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Section 632(a). |
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SECTION 3. This Act takes effect September 1, 2007. |