Texas Economic Development Act

This act establishes a state's institutional framework for economic development, creating a business council along with tourism and main street advisory boards, and setting out their composition, appointment and terms, rulemaking authority, fiscal controls, conflict-of-interest rules, and duties to report to the governor and legislature. It charges those bodies with delivering economic development services, planning and research, tourism promotion, coordination of business permits, and support for agriculture — including revenue bond financing for agricultural processing projects and exemptions from certain taxes — as well as running a main street program and energy performance contracting. It also creates investment and diversification mechanisms: a small business investment credit administered through certified investment companies subject to aggregate credit limits, registration and reporting requirements, rules on distributions, and decertification for noncompliance; startup investment authority; and an executive council, coordinator, and dedicated accounts funding economic diversification and a research and innovation program.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.