Bill Text: TX SB795 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to use of the money from the Texas Enterprise Fund to benefit certain historically underutilized businesses.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2017-02-22 - Referred to Natural Resources & Economic Development [SB795 Detail]
Download: Texas-2017-SB795-Introduced.html
| 85R9026 CLG-D | ||
| By: Miles | S.B. No. 795 | |
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| relating to use of the money from the Texas Enterprise Fund to | ||
| benefit certain historically underutilized businesses. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 481.078, Government Code, is amended by | ||
| adding Subsections (m), (n), and (o) to read as follows: | ||
| (m) To encourage the development and location of | ||
| historically underutilized businesses in this state, the governor | ||
| shall make grants from the fund: | ||
| (1) to recipients that are historically underutilized | ||
| businesses in this state that commit to using the grants to create | ||
| additional jobs; or | ||
| (2) to recipients that are historically underutilized | ||
| businesses from outside the state that commit to relocate to this | ||
| state. | ||
| (n) The governor shall ensure, to the extent there are a | ||
| sufficient number of qualified applicants described by Subsection | ||
| (m), that the percentage of the total dollar amount of grants | ||
| awarded each state fiscal year to recipients described by that | ||
| subsection is not less than the percentage of the total dollar | ||
| amount of contracts awarded by state agencies to historically | ||
| underutilized businesses, as defined by Section 2161.001, during | ||
| the applicable state fiscal year as reported by the comptroller in | ||
| the consolidated report required under Section 2161.121. | ||
| (o) For purposes of this section: | ||
| (1) "Historically underutilized business" means: | ||
| (A) a corporation formed for the purpose of | ||
| making a profit in which 51 percent or more of all classes of the | ||
| shares of stock or other equitable securities are owned by one or | ||
| more economically disadvantaged persons who have a proportionate | ||
| interest and actively participate in the corporation's control, | ||
| operation, and management; | ||
| (B) a sole proprietorship created for the purpose | ||
| of making a profit that is completely owned, operated, and | ||
| controlled by an economically disadvantaged person; | ||
| (C) a partnership formed for the purpose of | ||
| making a profit in which 51 percent or more of the assets and | ||
| interest in the partnership are owned by one or more economically | ||
| disadvantaged persons who have a proportionate interest and | ||
| actively participate in the partnership's control, operation, and | ||
| management; or | ||
| (D) a joint venture in which each entity in the | ||
| venture is a historically underutilized business, as determined | ||
| under another paragraph of this subdivision. | ||
| (2) "Economically disadvantaged person" has the | ||
| meaning assigned by Section 2161.001. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2017. | ||
