Bill Text: TX HB3873 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to the establishment of an economic opportunity grant program by the comptroller of public accounts.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2023-03-20 - Referred to International Relations & Economic Development [HB3873 Detail]

Download: Texas-2023-HB3873-Introduced.html
  88R14337 KJE-D
 
  By: Reynolds H.B. No. 3873
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the establishment of an economic opportunity grant
  program by the comptroller of public accounts.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 403, Government Code, is amended by
  adding Subchapter V to read as follows:
  SUBCHAPTER V. ECONOMIC OPPORTUNITY GRANT PROGRAM
         Sec. 403.701.  DEFINITION. In this subchapter, "program"
  means the economic opportunity grant program established under this
  subchapter.
         Sec. 403.702.  GRANT PROGRAM. (a)  The comptroller shall
  establish an economic opportunity grant program to increase
  economic opportunities for minority and low-income residents of
  this state. The comptroller may apply to the program any money made
  available for that purpose.
         (b)  The comptroller by rule shall establish:
               (1)  eligibility criteria for grant applicants;
               (2)  grant application procedures;
               (3)  guidelines relating to grant amounts;
               (4)  procedures for evaluating grant applications; and
               (5)  procedures for monitoring the use of a grant
  awarded under the program and ensuring compliance with any
  condition of a grant.
         Sec. 403.703.  GRANT USE. A grant awarded under the program
  may be used to:
               (1)  pay the cost of tuition and fees at a public or
  private institution of higher education;
               (2)  purchase a home; or
               (3)  make any investment in financial assets or
  personal capital that provides long-term gains to wages and wealth,
  as established by comptroller rule.
         Sec. 403.704.  RULES. The comptroller may adopt rules as
  necessary to implement this subchapter.
         SECTION 2.  This Act takes effect September 1, 2023.
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