Section 2310.302 - Qualified Business(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.Tex. Gov't. Code § 2310.302
Amended by Acts 2003, 78th Leg., ch. 814, Sec. 3.41, eff. 9/1/2003.Added by Acts 1997, 75th Leg., ch. 114, Sec. 1, eff. 5/19/1997.