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Summary: SB 1214 would expand provisions for funding economic development projects under the Texas Department of Agriculture (TDA). This legislation creates a Texas Economic Development Fund that would receive money that the Legislature could appropriate for eligible projects. Currently, the funding is appropriated from the Comptroller's Office as a result of the federal State Small Business Credit Initiative Act. SB 1214 would also specify that the Interest Rate Reduction Program could use current funding to expand business in rural areas, make modifications to the power of attorney authority, adapt loan guarantee requirements, and administratively change the Texas Certified Retirement Communities Program.
Analysis: SB 1214 would allow the state to allocate current federal funding into the Texas Economic Development Fund. Because this legislation would make administrative changes, we are neutral on SB 1214.
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