AUSTIN -- At the Texas State Capitol on Wednesday, lawmakers are looking into recent incentive deals to draw more companies to Texas in the first hearing of its kind.
The 13-member committee is charged with taking a broad look at the overall effectiveness of economic incentives in Texas. The state wants to know whether the incentive deals work and if they're worth the cost. The committee will evaluate the programs then determine which ones are working.
The two largest programs include the Texas Enterprise Fund and the Emerging Technology Fund.
According to state records, the TEF has invested more than $560 million, generating nearly 75,000 new jobs. That money went to businesses to either help them move to Texas or expand in the state.
Most recently, nearly $4 million went to San Diego-based Omnitracs. The company is now relocating its headquarters to Dallas, creating 450 jobs.
Wednesday's meeting is the first in a series that the committee will hold. The next hearing is set for Aug. 12 in the Dallas area.