Tex. Loc. Gov't Code § 501.158 · Subchapter D. CORPORATE POWERS AND LIMITATIONS RELATING TO PROJECTS
PERFORMANCE AGREEMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A corporation may not provide a direct incentive to or make an expenditure on behalf of a business enterprise under a project as defined by Subchapter C of this chapter or by Subchapter D, Chapter 505, unless the corporation enters into a performance agreement with the business enterprise.
(b) A performance agreement between a corporation and business enterprise must:
(1) provide, at a minimum, for a schedule of additional payroll or jobs to be created or retained and capital investment to be made as consideration for any direct incentives provided or expenditures made by the corporation under the agreement; and
(2) specify the terms under which repayment must be made if the business enterprise does not meet the performance requirements specified in the agreement.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.501.htm
- Text hash
- sha256 fe5e65e66b45a8f41a7462dad4965d016906280590a0517d955c88f4659a5ad6
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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