Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
With a committee
A small team of lawmakers (a committee) is reading it closely and deciding if it's a good idea.
Next: the committee votes on whether it moves to the full chamber.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Fiscal Summary STATE GOVERNMENTREVENUEGeneral FundFY25-26 & Subsequent Years($624,300) LOCAL GOVERNMENTREVENUEMandatoryFY25-26 & Subsequent Years($732,800) OTHER FISCAL IMPACT The extent of any expenditures from the General Fund, corresponding revenue to the Small Business Growth and Empowerment Fund, and subsequent expenditures from the Fund, beginning in FY25-26, cannot be estimated with reasonable certainty. Bill Summary This bill enacts the "Small Business Growth and Empowerment Act," which (i) establishes the small business growth and empowerment fund ("fund") as a separate account in the general fund to be used by the department of economic and community development ("department") to be used to facilitate economic development activities for minority-owned and women-owned businesses in underserved areas or in a manner that directly impacts minority-owned and women-owned businesses in underserved areas, and (ii) establishes a business tax credit for small businesses. COMPOSITION OF THE FUND This bill provides that the fund is to be composed of (i) funds appropriated by the general assembly and (ii) gifts, grants, and other donations received by the department for the fund. New commitments made by the commissioner of economic and community development for grants from the fund must not exceed the appropriations made for the purposes of the program. Additionally, expenses for administration, marketing, and program evaluation must not exceed 5% of appropriations in a fiscal year for the fund. In each fiscal year, the fund must be managed so that actual expenditures and obligations to be recognized at the end of the fiscal year do not exceed any available reserves and appropriations of the programs. REPORTING At least quarterly, this bill requires the commissioner of economic and community development to report to the com
