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A BILL TO BE ENTITLED
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AN ACT
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relating to eligibility of business entities to receive funding |
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under the Texas Enterprise Fund, the Texas small business incubator |
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fund, or the Texas emerging technology fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 481.078(e-1), Government Code, is |
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amended to read as follows: |
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(e-1) To be eligible to receive a grant under this section, |
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the entity must: |
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(1) be formed or organized [in good standing] under |
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the laws of this [the] state and in good standing [in which the
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entity was formed or organized], as evidenced by a certificate |
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issued by the secretary of state [or the state official having
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custody of the records pertaining to entities or other
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organizations formed under the laws of that state]; and |
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(2) owe no delinquent taxes to a taxing unit of this |
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state. |
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SECTION 2. Section 489.213(h), Government Code, is amended |
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to read as follows: |
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(h) A [Any] business [in this state] is eligible for funding |
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distributed through the small business incubator fund if: |
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(1) the business is formed or organized under the laws |
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of this state; and |
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(2) it is determined that the business is |
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substantially likely to develop and expand the opportunities for |
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small businesses in the semiconductor, nanotechnology, |
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biotechnology, or biomedicine industry in this state. |
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SECTION 3. Section 490.101, Government Code, is amended by |
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amending Subsection (f-1) and adding Subsection (f-2) to read as |
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follows: |
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(f-1) To be eligible to receive an award under this chapter, |
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a business entity must be formed or organized under the laws of this |
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state. |
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(f-2) For purposes of Subsection (f), an award of money |
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appropriated from the fund is considered disapproved by the |
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lieutenant governor or speaker of the house of representatives if |
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that officer does not approve the proposal to award funding before |
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the 91st day after the date of receipt of the proposal from the |
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governor. The lieutenant governor or the speaker of the house of |
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representatives may extend the review deadline applicable to that |
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officer for an additional 14 days by submitting a written notice to |
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that effect to the governor before the expiration of the initial |
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review period. |
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SECTION 4. The changes in law made by this Act apply only to |
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an application for funding under the Texas Enterprise Fund, the |
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Texas small business incubator fund, or the Texas emerging |
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technology fund, as appropriate, submitted on or after the |
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effective date of this Act. An application submitted before the |
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effective date of this Act is governed by the law in effect on the |
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date the application was submitted, and the former law is continued |
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in effect for that purpose. |
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SECTION 5. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |