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Texas Government Code - GOV'T § 2310.302. Qualified Business

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

(a) A person is a qualified business if the bank, for the purpose of state benefits under this chapter, or the governing body of a readjustment zone, for the purpose of local benefits, certifies that:

(1) the person is engaged in or has provided substantial commitment to initiate the active conduct of a trade or business in the readjustment zone;  and

(2) at least 25 percent of the person's new employees in the readjustment zone are:

(A) residents of the governing jurisdiction;

(B) economically disadvantaged individuals, as defined by Section 2303.402(c);  or

(C) dislocated defense workers.

(b) The governing body of a readjustment zone may certify a franchise or subsidiary of a new or existing business as a qualified business if the franchise or subsidiary:

(1) is located entirely in the readjustment zone;  and

(2) maintains separate books and records of the business activity conducted in the zone.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2310.302. Qualified Business - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2310-302/

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