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A BILL TO BE ENTITLED
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AN ACT
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relating to the establishment and operation of the technology |
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business incubator program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 489, Government Code, is amended by |
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adding Subchapter E to read as follows: |
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SUBCHAPTER E. TECHNOLOGY BUSINESS INCUBATOR PROGRAM |
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Sec. 489.251. DEFINITIONS. In this subchapter: |
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(1) "Board" means the Product Development and Small |
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Business Incubator Board established under Subchapter D. |
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(2) "Program" means the technology business incubator |
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program. |
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(3) "Small technology business" means a business that |
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primarily provides technology-related goods or services and |
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generated less than $1 million in gross annual revenue during the |
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preceding year. |
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Sec. 489.252. TECHNOLOGY BUSINESS INCUBATOR PROGRAM. The |
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technology business incubator program is established to provide |
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selected small technology businesses with appropriate rental space |
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and leases, shared office services and equipment, technology |
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support services, and financial assistance to ensure the continued |
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economic growth of this state. |
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Sec. 489.253. BOARD OVERSIGHT. The board shall oversee the |
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administration and operation of the program. |
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Sec. 489.254. FUNDING. The board may use money from the |
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Texas product development fund or the Texas small business |
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incubator fund to operate the program, as appropriate. |
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Sec. 489.255. SELECTION. A small technology business may |
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apply to the board for acceptance into the program. A small |
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technology business that participates in the program must agree to |
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continue to do business in this state while the business is |
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participating in the program. |
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SECTION 2. As soon as practicable after the effective date |
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of this Act but not later than January 1, 2014, the Texas Economic |
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Development and Tourism Office shall adopt rules to implement the |
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technology business incubator program established under Subchapter |
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E, Chapter 489, Government Code, as added by this Act. |
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SECTION 3. This Act takes effect September 1, 2013. |