H.B. No. 2765 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. The bill now allows public utilities owned by municipalities, political subdivisions, and economic development corporations to qualify for funding. Additionally, it broadens the scope of projects eligible for financial assistance to include mineral extraction activities and other nonretail private enterprises.

The bill also modifies the terms of loans made from the Texas economic development fund, allowing for a maximum loan term of 20 years and establishing a cap of $1 million on the aggregate amount of outstanding loans to any one person. It removes the requirement for monthly payments of principal and interest to begin within 90 days of the loan being made. Furthermore, the department is granted the authority to adopt rules for loan and grant repayment. The act is set to take effect on September 1, 2025.

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)
Engrossed: Agriculture Code 12.0271, Agriculture Code 12.0272, Agriculture Code 12.0273 (Agriculture Code 12)
Senate Committee Report: Agriculture Code 12.0271, Agriculture Code 12.0272, Agriculture Code 12.0273 (Agriculture Code 12)
Enrolled: Agriculture Code 12.0271, Agriculture Code 12.0272, Agriculture Code 12.0273 (Agriculture Code 12)