The bill amends the Agriculture Code to enhance the Rural Economic Development and Investment Program and the Texas economic development fund. Key changes include raising the population limit for counties eligible for financial assistance from 75,000 to 200,000 and expanding the types of entities that can receive assistance to include public utilities owned by municipalities, political subdivisions, and economic development corporations. Additionally, the bill allows financial assistance to be used for a broader range of projects, including mineral extraction activities and other nonretail private enterprises.

Further amendments to the Texas economic development fund include clarifying that the fund is dedicated solely to the department for administering various economic development programs. The bill also establishes a maximum aggregate amount of outstanding loans to any one person at $1 million and allows the department to adopt rules for loan or grant repayment. The changes are set to take effect on September 1, 2025, and apply only to loans or grants made after that date.

Statutes affected:
Introduced: Agriculture Code 12.0271, Agriculture Code 12.0272, Agriculture Code 12.0273 (Agriculture Code 12)
House Committee Report: Agriculture Code 12.0271, Agriculture Code 12.0272, Agriculture Code 12.0273 (Agriculture Code 12)