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A BILL TO BE ENTITLED
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AN ACT
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relating to the establishment of an economic opportunity grant |
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program by the comptroller of public accounts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 403, Government Code, is amended by |
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adding Subchapter V to read as follows: |
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SUBCHAPTER V. ECONOMIC OPPORTUNITY GRANT PROGRAM |
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Sec. 403.701. DEFINITION. In this subchapter, "program" |
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means the economic opportunity grant program established under this |
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subchapter. |
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Sec. 403.702. GRANT PROGRAM. (a) The comptroller shall |
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establish an economic opportunity grant program to increase |
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economic opportunities for minority and low-income residents of |
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this state. The comptroller may apply to the program any money made |
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available for that purpose. |
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(b) The comptroller by rule shall establish: |
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(1) eligibility criteria for grant applicants; |
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(2) grant application procedures; |
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(3) guidelines relating to grant amounts; |
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(4) procedures for evaluating grant applications; and |
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(5) procedures for monitoring the use of a grant |
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awarded under the program and ensuring compliance with any |
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condition of a grant. |
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Sec. 403.703. GRANT USE. A grant awarded under the program |
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may be used to: |
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(1) pay the cost of tuition and fees at a public or |
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private institution of higher education; |
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(2) purchase a home; or |
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(3) make any investment in financial assets or |
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personal capital that provides long-term gains to wages and wealth, |
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as established by comptroller rule. |
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Sec. 403.704. RULES. The comptroller may adopt rules as |
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necessary to implement this subchapter. |
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SECTION 2. This Act takes effect September 1, 2023. |