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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 10. GENERAL GOVERNMENT |
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Subtitle G. ECONOMIC DEVELOPMENT PROGRAMS INVOLVING BOTH STATE AND LOCAL GOVERNMENTS |
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Chapter 2310. DEFENSE ECONOMIC READJUSTMENT ZONE |
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Subchapter E. QUALIFIED BUSINESSES AND DEFENSE READJUSTMENT PROJECTS |
Sec. 2310.302. QUALIFIED BUSINESS
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(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.