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Texas Government Code - GOV'T § 2306.6734. Minority-Owned Businesses

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) The department shall require a person who receives an allocation of housing tax credits to attempt to ensure that at least 30 percent of the construction and management businesses with which the person contracts in connection with the development are minority-owned businesses.

(b) A person who receives an allocation of housing tax credits must report to the department not less than once in each 90-day period following the date of allocation regarding the percentage of businesses with which the person has contracted that qualify as minority-owned businesses.

(c) In this section:

(1) “Minority-owned business” means a business entity at least 51 percent of which is owned by members of a minority group or, in the case of a corporation, at least 51 percent of the shares of which are owned by members of a minority group, and that is managed and controlled by members of a minority group in its daily operations.

(2) “Minority group” includes:

(A) women;

(B) African Americans;

(C) American Indians;

(D) Asian Americans; and

(E) Mexican Americans and other Americans of Hispanic origin.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2306.6734. Minority-Owned Businesses - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2306-6734/

Read this complete Texas Government Code - GOV'T § 2306.6734. Minority-Owned Businesses on Westlaw

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