CHAPTER 490. FUNDING FOR EMERGING TECHNOLOGY
GOVERNMENT CODETITLE 4. EXECUTIVE BRANCHSUBTITLE F. COMMERCE AND INDUSTRIAL DEVELOPMENTCHAPTER 490. FUNDING FOR EMERGING TECHNOLOGYSUBCHAPTER A. GENERAL PROVISIONSSec. 490.001. DEFINITIONS. In this chapter:(1) "Committee" means the Texas Emerging Technology Advisory Committee.(2) "Fund" means the Texas emerging technology fund.(3) "Institution of higher education" has the meaning assigned by Section 61.003, Education Code.(4) "Award" means:(A) for purposes of Subchapter D, an investment in the form of equity or a convertible note;(B) for purposes of Subchapter E, an investment in the form of a debt instrument;(C) for purposes of Subchapter F, a grant; or(D) other forms of contribution or investment as recommended by the committee and approved by the governor, lieutenant governor, and speaker of the house of representatives.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 1, eff. September 1, 2007.
Sec. 490.002. PURPOSES. The fund is established under this chapter to develop and diversify the economy of this state by:(1) expediting innovation and commercialization of research;(2) attracting, creating, or expanding private sector entities that will promote a substantial increase in high-quality jobs; and(3) increasing higher education applied technology research capabilities.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.003. EMERGING TECHNOLOGY INDUSTRIES. (a) An emerging technology industry participant is eligible for funding under this chapter if the activity to be funded:(1) will result in the creation of high-quality new jobs in this state, immediately or over a longer period; or(2) has the potential to result in a medical or scientific breakthrough or a breakthrough in the area of clean energy.(b) Emerging technology industries include industries related to:(1) semiconductors;(2) information;(3) computer and software technology;(4) energy;(5) manufactured energy systems;(6) micro-electromechanical systems;(7) nanotechnology;(8) biotechnology;(9) medicine;(10) life sciences;(11) petroleum refining and chemical processes;(12) aerospace;(13) defense; and(14) other pursuits, as determined by the governor in consultation with the lieutenant governor and the speaker of the house of representatives.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 2, eff. September 1, 2007.
Sec. 490.005. ANNUAL REPORT. (a) Not later than January 1 of each year, the governor shall submit to the legislature and post on the office of the governor's Internet website a report that includes the following information regarding the fund for the preceding three state fiscal years:(1) the total number and amount of awards made;(2) the number and amount of awards made under Subchapters D, E, and F;(3) the aggregate total of private sector investment, federal government funding, and contributions from other sources obtained in connection with awards made under each of the subchapters listed in Subdivision (2);(4) the name of each award recipient and the amount of the award made to the recipient; and(5) a brief description of the equity position that the governor, on behalf of the state, may take in companies receiving awards and the names of the companies in which the state has taken an equity position.(b) The annual report must also contain a brief description regarding:(1) the intended outcomes of projects funded under Subchapter D during the preceding two state fiscal years; and(2) the actual outcomes of all projects funded under Subchapter D during the fund's existence, including any financial impact on the state resulting from a liquidity event involving a company whose project was funded under that subchapter.(c) The report may not include information that is made confidential by law.
Added by Acts 2009, 81st Leg., R.S., Ch. 1307, Sec. 1, eff. June 19, 2009.
SUBCHAPTER B. TEXAS EMERGING TECHNOLOGY ADVISORY COMMITTEESec. 490.051. COMPOSITION OF COMMITTEE. The Texas Emerging Technology Advisory Committee is composed of 17 members.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 4, eff. September 1, 2007.
Sec. 490.052. APPOINTMENT BY GOVERNOR; NOMINATIONS. (a) The governor shall appoint to the committee individuals nominated as provided by Subsection (b).(b) The following persons may nominate one or more individuals who are industry leaders in this state or who are nationally recognized leaders from public or private institutions of higher education in this state for appointment to the committee:(1) a president of a public or private institution of higher education in this state;(2) a representative of the governor's office involved in economic development activities;(3) a representative of the lieutenant governor's office involved in economic development activities;(4) a representative of the office of the speaker of the house involved in economic development activities; and(5) other persons considered appropriate by the governor.(c) The governor may prescribe a date after which a nomination under Subsection (b) for appointment for the next term will not be considered.(d) If an insufficient number of qualified individuals are nominated as provided by Subsection (b) before the date set by the governor under Subsection (c), the governor may appoint any qualified individual to the board for that term.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 5, eff. September 1, 2007.
Sec. 490.053. PRESIDING MEMBER. The governor shall appoint a presiding member of the committee.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.054. TERMS. Members of the committee serve staggered two-year terms, subject to the pleasure of the governor.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 6, eff. September 1, 2007.
Sec. 490.055. STAFF AND FUNDING. Necessary staff and funding for the administration of the fund shall be provided by:(1) the office of the governor; and(2) gifts, grants, and donations for overhead expenses to the office of the governor.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 7, eff. September 1, 2007.
Sec. 490.056. RECOMMENDATIONS FOR FUNDING. (a) The committee shall make recommendations, through peer review and evaluation processes established by the committee, to the governor, lieutenant governor, and speaker of the house of representatives for the award of money from the fund as provided by this chapter.(b) The committee may establish advisory panels of knowledgeable individuals from industry, state government, or academic occupations to assist in peer review activities under this chapter.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.057. CONFIDENTIALITY. Information collected by the governor's office, the committee, or the committee's advisory panels concerning the identity, background, finance, marketing plans, trade secrets, or other commercially or academically sensitive information of an individual or entity being considered for an award from the fund is confidential unless the individual or entity consents to disclosure of the information.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
SUBCHAPTER C. TEXAS EMERGING TECHNOLOGY FUNDSec. 490.101. TEXAS EMERGING TECHNOLOGY FUND. (a) The Texas emerging technology fund is a dedicated account in the general revenue fund.(b) The following amounts shall be deposited in the fund:(1) any amounts appropriated by the legislature for the fund;(2) benefits realized from a project undertaken with money from the fund, as provided by a contract entered into under Section 490.103;(3) gifts, grants, and other donations received for the fund; and(4) interest earned on the investment of money in the fund.(c) The fund may be used only for:(1) the purposes described by Section 490.002; and(2) necessary staff, administration of the fund including administration by the office of the governor, and services and expenses related to the fund as provided for by Section 490.055.(d) The committee may solicit and accept gifts and grants for the fund from public and private entities.(e) The fund may be temporarily used by the comptroller for cash management purposes.(f) The administration of the fund is considered to be a trusteed program within the office of the governor. The governor may negotiate on behalf of the state regarding awards from the fund. The governor may award money appropriated from the fund only with the express written prior approval of the lieutenant governor and speaker of the house of representatives.(g) Before making an award under this chapter, the governor shall enter into a written agreement with the entity to receive the award. An agreement may specify that:(1) if all or any portion of the amount of the award is used to build a capital improvement:(A) the state retains a lien or other interest in the capital improvement in proportion to the percentage of the award amount used to pay for the capital improvement; and(B) the recipient of the award shall, if the capital improvement is sold:(i) repay to the state the award used to pay for the capital improvement, with interest at the rate and according to the other terms provided by the agreement; and(ii) share with the state a proportionate amount of any profit realized from the sale; and(2) if, as of a date certain provided in the agreement, the award recipient has not used the award received under this chapter for the purposes for which the award was intended, the recipient shall repay that amount and any related interest applicable under the agreement to the state at the agreed rate and on the agreed terms.(h) The governor may make awards in the form of loans, charge and receive reasonable interest for the loans, take an equity position in the form of stock or other security in consideration of an award, and sell or otherwise trade or exchange the security for the benefit of the fund. Interest or proceeds received as a result of a transaction authorized by this subsection shall be deposited to the corpus of the fund and may be used in the same manner as the corpus of the fund.(i) The contract between the governor and a recipient of an award under this chapter may set the terms relating to an award.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 8, eff. September 1, 2007.
Sec. 490.102. ALLOCATION OF FUND. (a) Money appropriated to the fund by the legislature, less amounts necessary to administer the fund under Section 490.055, shall be allocated as follows:(1) 50 percent of the money for incentives for collaboration between certain entities as provided by Subchapter D;(2) 16.67 percent of the money for research award matching as provided by Subchapter E; and(3) 33.33 percent of the money for acquisition of research superiority as provided by Subchapter F.(b) The governor may reallocate money from one component of the fund to another component subject to the prior approval of the lieutenant governor and speaker of the house of representatives.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 9, eff. September 1, 2007.
Sec. 490.103. ALLOCATION OF PROCEEDS. (a) The contract between the governor and a recipient of an award under this chapter shall provide for the distribution of royalties, revenue, or other financial benefits realized from the commercialization of intellectual or real property developed from any award from the fund. To the extent authorized by law and not in conflict with another agreement, the contract shall appropriately allocate by assignment, licensing, or other means the royalties, revenue, or other financial benefits among identifiable collaborating parties and in a specified percentage to this state for deposit in the fund.(b) The contract under Subsection (a) shall also specify other matters considered necessary by the governor, lieutenant governor, and speaker of the house of representatives.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 10, eff. September 1, 2007.
SUBCHAPTER D. INCENTIVES FOR COMMERCIALIZATION ACTIVITIESSec. 490.151. USE OF MONEY FOR INCENTIVES. (a) Amounts allocated from the fund for use as provided by this subchapter shall be reserved for incentives for private or nonprofit entities to collaborate with public or private institutions of higher education in this state on emerging technology projects with a demonstrable economic benefit to this state.(b) The committee shall recommend proposals eligible for funding under this section to the governor, lieutenant governor, and speaker of the house of representatives.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.152. REGIONAL CENTERS OF INNOVATION AND COMMERCIALIZATION. (a) In recommending proposals for funding, the committee shall give specific emphasis to the formation of regional centers of innovation and commercialization.(b) An appropriate combination of any entities described by Section 490.151(a) may collaborate to form a regional center of innovation and commercialization to serve a region of this state.(c) A regional center of innovation and commercialization shall provide for a specified region:(1) research and development activities that may include initiatives to prove the feasibility of an idea;(2) commercialization of the results of research and development;(3) incubators for new businesses and expansion of existing businesses related to research and development; and(4) workforce training for businesses resulting from research and development.(d) Subject to the availability of suitable partners and resources, the committee shall propose and initiate the establishment of a regional center of innovation and commercialization in:(1) Harris County;(2) Lubbock County;(3) Bexar County;(4) the Dallas-Fort Worth Metroplex;(5) El Paso County;(6) the Middle and Lower Rio Grande Valley; and(7) other suitable locations as determined by the governor in consultation with the lieutenant governor and the speaker of the house of representatives.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.153. PRIORITY FOR FUNDING. (a) In allocating money from the fund under this subchapter, priority shall be given to proposals that:(1) involve emerging scientific or technology fields that have a reasonable probability of enhancing this state's national and global economic competitiveness;(2) may result in a medical or scientific breakthrough or a breakthrough in the area of clean energy;(3) are collaborative between any combination of private or nonprofit entities and public or private agencies or institutions in this state;(4) are matched with other available funds, including funds from the private or nonprofit entity or institution of higher education collaborating on the project; or(5) have a demonstrable economic development benefit to this state.(b) An amount not to exceed two percent of the amount allocated for a fiscal biennium for incentives under this subchapter may be invested directly in the regional centers of innovation and commercialization as recommended by the committee and approved by the governor, lieutenant governor, and speaker of the house of representatives to support commercialization activities.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 12, eff. September 1, 2007.
Sec. 490.154. GUARANTEE OF ACTION BY PARTICIPATING ENTITY. (a) An entity participating in a regional center of innovation and commercialization that receives funding or another incentive under this subchapter shall guarantee by contract with the governor's office that the entity will perform specific actions expected to provide benefits to this state.(b) If an entity fails to perform an action guaranteed by contract under Subsection (a) before a time specified by the contract, the entity shall return to the fund the money received by the entity under this subchapter.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.155. GUARANTEE OF COMMERCIALIZATION OR MANUFACTURING IN TEXAS. A person or entity receiving money from the fund under this subchapter must guarantee by contract that a substantial percentage of any new or expanded commercialization or manufacturing resulting from the award will be established in this state.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 13, eff. September 1, 2007.
Sec. 490.156. AUTHORIZED EXPENSES. (a) A person receiving money from the fund under this subchapter may use the money to expedite commercialization that will lead to an increase in high-quality jobs in this state and shall use the money in accordance with a contract between the person and the office of the governor.(b) Authorized expenses under this section include salaries and benefits, travel, consumable supplies, other operating expenses, contracted research and development, capital equipment, construction or renovation of state or private facilities, and workforce training.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 14, eff. September 1, 2007.
SUBCHAPTER E. RESEARCH AWARD MATCHINGSec. 490.201. USE OF MONEY FOR RESEARCH AWARD MATCHING. (a) Amounts allocated from the fund for use as provided by this subchapter shall be reserved to match funding from research sponsors other than this state, including federal research sponsors.(b) The committee shall recommend proposals eligible for funding under this section to the governor, lieutenant governor, and speaker of the house of representatives.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 16, eff. September 1, 2007.
Sec. 490.202. PRIORITY FOR FUNDING. In allocating money from the fund under this subchapter, priority shall be given to proposals that accelerate commercialization into production by targeting programs that:(1) address federal or other major research sponsors' priorities in emerging scientific or technology fields;(2) are interdisciplinary;(3) are collaborative with a combination of public or private institutions of higher education in this state;(4) are likely to result in a medical or scientific breakthrough or a breakthrough in the area of clean energy; or(5) have a demonstrable economic development benefit to this state.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 17, eff. September 1, 2007.
Sec. 490.203. GUARANTEE OF ACTION BY PARTICIPATING ENTITY. (a) An entity receiving funding or another incentive under this subchapter shall guarantee by contract with the governor's office that the entity will perform specific actions that are expected to provide benefits to this state.(b) If an entity fails to perform an action guaranteed by contract under Subsection (a) before a time specified by the contract, the entity shall return the funding received by the entity under this subchapter.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
SUBCHAPTER F. ACQUISITION OF RESEARCH SUPERIORITYSec. 490.251. USE OF MONEY FOR ACQUISITION OF RESEARCH SUPERIORITY. Amounts allocated from the fund for use as provided by this subchapter shall be used to acquire new or enhance existing research superiority at public institutions of higher education in this state.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.252. RESEARCH SUPERIORITY. For purposes of this subchapter, the employment by an institution of higher education of one or more world-class or nationally recognized researchers and associated assistants in an industry eligible to receive funding under Section 490.003 is considered "research superiority."
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.253. PROPOSALS FOR FUNDING. (a) The committee shall review and consider proposals by public institutions of higher education for:(1) creating new research superiority;(2) attracting existing research superiority from institutions not located in this state and other research entities; or(3) enhancing existing research superiority by attracting from outside this state additional researchers and resources.(b) The committee shall recommend proposals eligible for funding under Section 490.251 and proposals solicited and identified under this section to the governor, lieutenant governor, and speaker of the house of representatives.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 18, eff. September 1, 2007.
Sec. 490.254. PRIORITY FOR FUNDING. In allocating money from the fund under this subchapter, priority shall be given to proposals that:(1) involve scientific or technical fields that have a reasonable probability of enhancing this state's national and global economic competitiveness;(2) may result in a medical or scientific breakthrough or a breakthrough in the area of clean energy;(3) are interdisciplinary;(4) have attracted or may attract federal and other funding for research superiority;(5) are likely to create a nationally or internationally recognized locus of research superiority; or(6) are matched with other funds available to the institution seeking funding under this subchapter.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 19, eff. September 1, 2007.
Sec. 490.255. AUTHORIZED EXPENSES. Money allocated from the fund under this subchapter may be used for research and research capability acquisition, including salaries and benefits, travel, consumable supplies, other operating expenses, capital equipment, and construction or renovation of facilities.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 852, Sec. 20, eff. September 1, 2007.
Sec. 490.256. PROHIBITED ACTIVITIES. (a) An institution of higher education may not knowingly attempt to attract an individual key researcher or research superiority identified for consideration for funding by another public or private institution of higher education in this state under this subchapter.(b) An institution that violates this section is ineligible to participate in a program or receive funding under this chapter before the third anniversary of the date the institution last engaged in an activity prohibited by this section.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
Sec. 490.257. DOCUMENTATION OF BENEFITS TO STATE. (a) A public institution of higher education must document specific benefits that this state may expect to gain as a result of attracting the research superiority before the institution may enter into a contract to receive funding or incentives under this subchapter.(b) The governor, with the express written prior approval of the lieutenant governor and the speaker of the house of representatives, may terminate funding to an institution if the institution fails to realize a benefit specified in the contract before a time specified in the contract, as determined by a periodic program review conducted by the committee.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.
SUBCHAPTER G. CLEAN COAL PROJECTSSec. 490.301. DEFINITION. In this subchapter, "clean coal project" has the meaning assigned by Section 5.001, Water Code.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Added by Acts 2005, 79th Leg., Ch. 1097, Sec. 12(b), eff. June 18, 2005.Amended by: Acts 2007, 80th Leg., R.S., Ch. 562, Sec. 1, eff. September 1, 2007.
Sec. 490.302. USE OF MONEY FOR CLEAN COAL PROJECT. (a) Notwithstanding Section 490.102, the governor may allocate money appropriated to the fund by the legislature to provide matching money for a clean coal project as described by Section 2305.037 if the governor has the express written prior approval of the lieutenant governor and the speaker of the house of representatives to do so.(b) The governor may allocate proceeds deposited in the fund as provided by an agreement described by Section 490.103 to provide matching money for a clean coal project as described by Section 2305.037 if the governor has the express written prior approval of the lieutenant governor and the speaker of the house of representatives to do so.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Added by Acts 2005, 79th Leg., Ch. 1097, Sec. 12(b), eff. June 18, 2005.
Sec. 490.303. ELIGIBILITY OF CLEAN COAL PROJECT FOR MONEY. Notwithstanding any other provision of this subchapter, a clean coal project constitutes an opportunity for emerging technology suitable for consideration for a grant under Subchapter C, incentives as provided by Subchapter D, grant matching as provided by Subchapter E, and acquisition of research superiority under Subchapter F.
Added by Acts 2005, 79th Leg., Ch. 280, Sec. 1, eff. June 14, 2005.Added by Acts 2005, 79th Leg., Ch. 1097, Sec. 12(b), eff. June 18, 2005.
SUBCHAPTER H. FRANCHISE TAX CREDIT FOR CLEAN ENERGY PROJECTSec. 490.351. DEFINITION. In this subchapter, "clean energy project" has the meaning assigned by Section 120.001, Natural Resources Code.
Added by Acts 2009, 81st Leg., R.S., Ch. 1109, Sec. 1, eff. September 1, 2009.
Sec. 490.352. FRANCHISE TAX CREDIT FOR CLEAN ENERGY PROJECT. (a) The comptroller shall adopt rules for issuing to an entity implementing a clean energy project in this state a franchise tax credit. A clean energy project is eligible for a franchise tax credit only if the project is implemented in connection with the construction of a new facility.(b) The comptroller shall issue a franchise tax credit to an entity operating a clean energy project after:(1) the Railroad Commission of Texas has issued a certificate of compliance for the project to the entity as provided by Section 120.004, Natural Resources Code;(2) the construction of the project has been completed;(3) the electric generating facility associated with the project is fully operational;(4) the Bureau of Economic Geology of The University of Texas at Austin verifies to the comptroller that the electric generating facility associated with the project is sequestering at least 70 percent of the carbon dioxide resulting from or associated with the generation of electricity by the facility; and(5) the owner or operator of the project has entered into an interconnection agreement relating to the project with the Electric Reliability Council of Texas.(c) The total amount of the franchise tax credit that may be issued to the entity designated in the certificate of compliance for a clean energy project is equal to the lesser of:(1) 10 percent of the total capital cost of the project, including the cost of designing, engineering, permitting, constructing, and commissioning the project, the cost of procuring land, water, and equipment for the project, and all fees, taxes, and commissions paid and other payments made in connection with the project but excluding the cost of financing the capital cost of the project; or(2) $100 million.(d) The amount of the franchise tax credit for each report year is calculated by determining the amount of franchise tax that is due based on the taxable margin generated by a clean energy project from the generation and sale of power and the sale of any products that are produced by the electric generation facility. The amount of the franchise tax credit claimed under this section for a report year may not exceed the amount of franchise tax attributable to the clean energy project for that report year.(e) The comptroller may not issue a franchise tax credit under this section before September 1, 2013. This subsection expires September 2, 2013.
Added by Acts 2009, 81st Leg., R.S., Ch. 1109, Sec. 1, eff. September 1, 2009.