85R27621 RMA-D     By: Lucio III H.C.R. No. 147       CONCURRENT RESOLUTION          WHEREAS, Economic development is a driving force in making   Texas one of the most prosperous and attractive states in the   nation; around the state, however, economically distressed   communities (EDCs), including urban, rural, and port regions, are   not receiving adequate investment and are thus falling further   behind their thriving urban counterparts; and          WHEREAS, As EDCs continue to struggle with generating new   private equity for economic development, more are slipping below   the poverty rate and experiencing decreases in median household   income and employment rates; and          WHEREAS, Through the Community Renewal Tax Relief Act of   2000, the United States Congress introduced the New Markets Tax   Credit program, which is designed to increase capital to EDCs by   providing modest tax incentives to businesses, private investors,   and banks that produce new infrastructure and economic development   in such communities; and          WHEREAS, Today, large portions of the Lone Star State are   grappling with the negative effects caused by insufficient   development, but the federal government has provided a worthy model   for Texas to use in bolstering its low-income communities and   unlocking its full economic potential; now, therefore, be it          RESOLVED, That the 85th Legislature of the State of Texas   hereby request the lieutenant governor and the speaker of the house   of representatives to create a joint interim committee to study the   feasibility of a state-based New Markets Tax Credit program; and,   be it further          RESOLVED, That the study specifically:                (1)  assess the short- and long-term impacts of   deficient economic development and private capital growth on   economically distressed communities;                (2)  determine how a state-based New Markets Tax Credit   program could promote economic development in EDCs; and                (3)  analyze how EDCs could be affected by a state   program drawing down additional federal credits; and, be it further          RESOLVED, That the committee's proceedings and operations be   governed by such general rules and policies for joint interim   committees as the 85th Legislature may adopt.