H.B. No. 4850 aims to enhance economic development initiatives within the Office of the Governor of Texas, specifically focusing on aerospace, aviation, and semiconductor industries. The bill amends several sections of the Government Code, including the establishment of an aerospace and aviation advisory committee, which will now include a member representing a federal entity or the U.S. armed forces, as well as members from each active spaceport development corporation. Additionally, the Texas Business and Community Economic Development Clearinghouse will no longer rely on a statewide toll-free telephone service for information dissemination. The bill also emphasizes the need for the consortium to provide recommendations on semiconductor research and funding opportunities, while the office is tasked with hiring necessary staff and an executive director to support these initiatives.

Furthermore, the bill introduces a requirement for the office to develop a strategic plan for promoting the semiconductor economy in Texas and mandates a biennial report to be submitted to the governor and the Legislative Budget Board. It also repeals certain provisions, including the governor's broadband development council and specific sections related to the executive committee's functions. The changes reflect a shift towards a more structured approach to economic development in key industries, with a focus on collaboration between government, educational institutions, and industry stakeholders. The act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Government Code 481.066, Government Code 481.167 (Government Code 481)
House Committee Report: Government Code 481.0066, Government Code 481.167 (Government Code 481)
Engrossed: Government Code 481.0066, Government Code 481.167, Government Code 481.652, Government Code 481.654, Government Code 481.655, Government Code 481.656, Government Code 481.657 (Government Code 481)
Senate Committee Report: Government Code 481.0066, Government Code 481.167, Government Code 481.652, Government Code 481.654, Government Code 481.655, Government Code 481.656, Government Code 481.657, Government Code 481.658 (Government Code 481)
Enrolled: Government Code 481.0066, Government Code 481.167, Government Code 481.652, Government Code 481.654, Government Code 481.655, Government Code 481.656, Government Code 481.657, Government Code 481.658 (Government Code 481)