Bill Text: TX HCR147 | 2017-2018 | 85th Legislature | Introduced

Texas House Concurrent Resolution 147 (Prior Session Legislation)

Introduced

Bill Title: Requesting the lieutenant governor and speaker to create a joint interim committee to study the feasibility of a state-based New Markets Tax Credit program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2017-05-21 - Filed [HCR147 Detail]

Download: Texas-2017-HCR147-Introduced.html

	85R27621 RMA-D

	By: Lucio III	H.C.R. No. 147



	CONCURRENT RESOLUTION
	WHEREAS, Economic development is a driving force in making
	Texas one of the most prosperous and attractive states in the
	nation; around the state, however, economically distressed
	communities (EDCs), including urban, rural, and port regions, are
	not receiving adequate investment and are thus falling further
	behind their thriving urban counterparts; and
	WHEREAS, As EDCs continue to struggle with generating new
	private equity for economic development, more are slipping below
	the poverty rate and experiencing decreases in median household
	income and employment rates; and
	WHEREAS, Through the Community Renewal Tax Relief Act of
	2000, the United States Congress introduced the New Markets Tax
	Credit program, which is designed to increase capital to EDCs by
	providing modest tax incentives to businesses, private investors,
	and banks that produce new infrastructure and economic development
	in such communities; and
	WHEREAS, Today, large portions of the Lone Star State are
	grappling with the negative effects caused by insufficient
	development, but the federal government has provided a worthy model
	for Texas to use in bolstering its low-income communities and
	unlocking its full economic potential; now, therefore, be it
	RESOLVED, That the 85th Legislature of the State of Texas
	hereby request the lieutenant governor and the speaker of the house
	of representatives to create a joint interim committee to study the
	feasibility of a state-based New Markets Tax Credit program; and,
	be it further
	RESOLVED, That the study specifically:
	(1) assess the short- and long-term impacts of
	deficient economic development and private capital growth on
	economically distressed communities;
	(2) determine how a state-based New Markets Tax Credit
	program could promote economic development in EDCs; and
	(3) analyze how EDCs could be affected by a state
	program drawing down additional federal credits; and, be it further
	RESOLVED, That the committee's proceedings and operations be
	governed by such general rules and policies for joint interim
	committees as the 85th Legislature may adopt.