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CONCURRENT RESOLUTION
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WHEREAS, Economic development is a driving force in making |
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Texas one of the most prosperous and attractive states in the |
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nation; around the state, however, economically distressed |
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communities (EDCs), including urban, rural, and port regions, are |
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not receiving adequate investment and are thus falling further |
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behind their thriving urban counterparts; and |
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WHEREAS, As EDCs continue to struggle with generating new |
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private equity for economic development, more are slipping below |
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the poverty rate and experiencing decreases in median household |
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income and employment rates; and |
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WHEREAS, Through the Community Renewal Tax Relief Act of |
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2000, the United States Congress introduced the New Markets Tax |
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Credit program, which is designed to increase capital to EDCs by |
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providing modest tax incentives to businesses, private investors, |
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and banks that produce new infrastructure and economic development |
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in such communities; and |
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WHEREAS, Today, large portions of the Lone Star State are |
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grappling with the negative effects caused by insufficient |
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development, but the federal government has provided a worthy model |
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for Texas to use in bolstering its low-income communities and |
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unlocking its full economic potential; now, therefore, be it |
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RESOLVED, That the 85th Legislature of the State of Texas |
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hereby request the lieutenant governor and the speaker of the house |
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of representatives to create a joint interim committee to study the |
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feasibility of a state-based New Markets Tax Credit program; and, |
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be it further |
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RESOLVED, That the study specifically: |
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(1) assess the short- and long-term impacts of |
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deficient economic development and private capital growth on |
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economically distressed communities; |
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(2) determine how a state-based New Markets Tax Credit |
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program could promote economic development in EDCs; and |
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(3) analyze how EDCs could be affected by a state |
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program drawing down additional federal credits; and, be it further |
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RESOLVED, That the committee's proceedings and operations be |
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governed by such general rules and policies for joint interim |
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committees as the 85th Legislature may adopt. |