Fiscal Notes
A fiscal note dated April 21, 2015 anticipates a positive two-year net impact to General Revenue Related Funds for CSHB 2667 of $846,024 through the biennium ending August 31, 2017.
The bill would make no appropriation but could provide the legal basis for an appropriation offunds to implement the provisions of the bill.
Bill Analysis
House Bill 2667 would also require that the Texas Economic Development Bank reject any application for a linked deposit loan submitted to the bank before the effective date of this bill for which a linked deposit has not been made in accordance with Subchapter N, Chapter 481, Government Code, as that subchapter existed immediately before being repealed by this bill.
Subchapter N, Chapter 481 of the Government Code would continue in effect in order to allow the Texas Economic Development Bank to administer linked deposits that were made before the effective date of this bill and to pursue the bank's remedy.
Any revenue or other money of the Texas Small Business Industrial Development Corporation held in financial institutions would have to be deposited in the general revenue fund.
Vote Recommendation Notes
House Bill 2667 aims at abolishing certain economic development programs that are no longer in operation or have been stagnant for several years.
This is a step in the right direction as it reduces the scope of government. We support House Bill 2667.
