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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 businesses. |
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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 businesses to the |
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economy of this state and the well-being of its residents requires |
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that it be the policy of this state to encourage the development and |
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location of small businesses in this state and promote |
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opportunities for those businesses to prosper. |
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SECTION 2. Section 481.078, Government Code, is amended by |
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adding Subsections (k), (l), (m), (n), and (o) to read as follows: |
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(k) To encourage the development and location of small |
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businesses in this state, the governor shall consider making grants |
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from the fund: |
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(1) to recipients that are small businesses in this |
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state that commit to using the grants to create additional jobs; |
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(2) to recipients that are small businesses from |
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outside the state that commit to relocate to this state; or |
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(3) for individual projects that create 100 or fewer |
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additional jobs. |
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(l) For purposes of Subsection (k), "small business" means a |
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legal entity, including a corporation, partnership, or sole |
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proprietorship, that: |
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(1) is formed for the purpose of making a profit; |
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(2) is independently owned and operated; and |
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(3) has fewer than 100 employees. |
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(m) In making grants under Subsection (k), the governor |
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shall consider making grants from the fund to historically |
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underutilized businesses, as defined by Section 2161.001. |
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(n) In deciding to award a grant under Subsection (k), the |
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governor must give priority to a small business over a business that |
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pays any of the grant funds to an executive in the form of |
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compensation above the executive's base salary. |
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(o) The governor is encouraged to consider making grants |
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from the fund to support the establishment and expansion of small |
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businesses in this state that have as their primary purpose the |
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provision of energy derived from renewable energy technology, as |
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defined by Section 39.904(d), Utilities Code. |
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SECTION 3. This Act takes effect September 1, 2009. |