H.B. No. 4850 aims to enhance economic development initiatives within the Office of the Governor of Texas, particularly focusing on the aerospace, aviation, and semiconductor sectors. The bill amends several sections of the Government Code, including the establishment of an aerospace and aviation advisory committee, which will now include representatives from federal entities and active spaceport development corporations. Additionally, it modifies the Texas Business and Community Economic Development Clearinghouse to provide assistance without relying on a statewide toll-free telephone service. The bill also emphasizes the need for a strategic plan to promote the semiconductor economy and outlines the responsibilities of a newly appointed executive director for the consortium overseeing semiconductor initiatives.

Furthermore, the bill repeals the governor's broadband development council and makes various adjustments to the consortium's structure and functions, including the appointment terms for executive committee members and the requirement for the office to provide necessary staff and facilities. It mandates the preparation of a biennial report detailing the consortium's activities and funding opportunities, while also ensuring that at least 51% of significant parts and processing of semiconductor products originate in Texas. 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)