Endorsement of Public Benefit Corp. Bill (TX HB 3488)
The Austin Young Chamber Endorses HB 3488
Texas House Bill 3488 creates a new kind of corporation called a Public Benefit Corporation (AKA “B-Corp”). At the request of State of Texas House Rep. Gina Hinojosa (D-Austin), the Austin Young Chamber's Economic Development Committee (EDC) reviewed HB 3488, its supporting and opposing sides, and additional information about the Bill’s focus.
Considering HB 3488’s bi-partisan support and arguments in support of the bill, our members’ entrepreneurial interests, and little (if any) evidence of opposition, the EDC voted to endorse HB 3488 as written.
Registering as a Public Benefit Corporation provides more freedom to entrepreneurs and business owners when running their business. By not having a Public Benefit Corporation statute, Texas is making it harder for small businesses to become registered here as a benefit corporation and conduct business in Texas. 31 states have adopted legislation allowing entrepreneurs to register as “B-Corps.”
HB 3488 will be heard by Texas House of Representatives tomorrow, May 5.
More information about HB 3488 and Public Benefit Corporations:
HB 3488 Fiscal Note: "No fiscal implication to units of local government is anticipated."
