Texas Senate Passes New ED Fund

Legislation creating the Texas Enterprise Fund as a means of boosting economic development and increasing jobs was passed by the Texas Senate Monday. SB 1771 creates the fund as an account in the state's general revenue fund and provides for economic and community development, job training and business incentives.

In other changes, the Texas Department of Economic Development would be phased out. The governor's Office of Economic Development, which would assume the duties of the Texas Department of Economic Development, would work with both state and local government. Governmental entities, such as counties and even school districts, would formulate incentives to encourage business and industry to locate in Texas.

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