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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 creation 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) and (l) to read as follows: |
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(k) To encourage the creation, development, and location of |
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small businesses in this state, the governor shall consider making |
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grants from the fund to recipients that are: |
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(1) small businesses in this state that commit to |
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using the grants to create additional jobs; or |
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(2) small businesses from outside the state that |
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commit to relocate to this state. |
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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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SECTION 3. This Act takes effect September 1, 2009. |