HB1098: HB1098 Georgia Investment Act; enact

26 LC 59 9000 House Bill 1098 By: Representatives Davis of the 87th, Scott of the 76th, and Schofield of the 63rd A BILL TO BE ENTITLED AN ACT To amend Chapter 34 of Title 50 of the Official Code of Georgia Annotated, relating to the1 OneGeorgia Authority, so as to create the Georgia Investment Act Pilot Fund and the Joint2 Legislative Oversight Commission on Georgia United Investment; to provide for definitions;3 to provide for state investment in underdeveloped communities across this state; to provide4 for criteria and limitations for disbursements from such fund; to provide for annual5 accounting; to provide for annual reporting; to provide for mem bers and purpose of the6 commission; to provide for meetings and hearings; to provide for quorum; to provide for a7 short title; to provide for leg islative findings; to provide fo r related matters; to repeal8 conflicting laws; and for other purposes.9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:10 SECTION 1.11 This Act shall be known and may be cited as the "Georgia Investment Act."12 SECTION 2.13 The General Assembly finds that:14 (1) The OneGeorgia Authority was established to support econom ic vitality across15 Georgia, particularly in communities with limited access to financial resources;16 H. B. 1098 - 1 - 26 LC 59 9000 (2) As of 2025, more than 4.3 million Georgians, over 25 percent of the state's population,17 reside in counties that are ineligible or only conditionally eligible for OneGeorgia funding;18 (3) These exclusions have led to missed opportunities in job c reation, infrastructure19 development, and housing, particularly in high-need urban and suburban areas;20 (4) Georgia's economic development strategy must reflect modern needs, using objective21 measures such as poverty, unemployment, and underinvestment; and22 (5) The state has a duty to invest in all Georgians, whether rural, urban, and suburban, to23 ensure a resilient, unified economy.24 SECTION 3.25 Chapter 34 of Title 50 of the Official Code of Georgia annotate d, relating to OneGeorgia26 Authority, is amended by adding new Code sections to read as follows:27 "50-34-21.28 (a) As used in this Code section, the term 'fund' means the Georgia Investment Act Pilot29 Fund.30 (b)(1) The state treasurer shall establish a separate trust fu nd in the state treasury that31 shall be known as the Georgia Investment Act Pilot Fund. Such fund shall consist of32 annual appropriations by the General Assembly to the fund; public or private grants, gifts,33 donations, or contributions dedicated to the fund for the econo mic development of34 impoverished communities; and moneys acquired from any other source, including local,35 state, or federal program funds dedicated to the fund for such economic development.36 (2) The state treasurer shall invest the money held in the fun d in the same manner in37 which state funds are invested as authorized by the State Depository Board pursuant to38 Article 3 of Chapter 17 of this title. Interest earned by the money held in the fund shall39 be accounted for separately and shall be credited to the fund t o be disbursed as other40 moneys in the fund.41 H. B. 1098 - 2 - 26 LC 59 9000 (c)(1) The authority shall establish an eligibility framework for disbursements to counties42 from the fund based upon the following criteria:43 (A) Median household income below the state average;44 (B) Unemployment rate above the state average;45 (C) Poverty rate exceeding the state threshold;46 (D) Infrastructure or service gaps certified by local or state agencies; and47 (E) Documented history or economic dislocation or underinvestment.48 (2) Any county meeting three or more of the criteria as provided in paragraph (1) of this49 subsection shall be deemed eligible to receive money from the fund, regardless of such50 county's designation as rural or nonrural.51 (d) The authority shall prepare an accounting of the funds expended pursuant to this Code52 section during the most recently completed fiscal year to be pr ovided to the Office of53 Planning and Budget, the House Budget and Research Office, and the Senate Budget and54 Evaluation Office by January 1 of each year.55 (e) The authority shall publish an annual report documenting t he number of county56 applications, awards, and disbursements; project categories and demographic service areas;57 and job creation and housing development metrics.58 50-34-22.59 (a) As used in this Code section, the term 'commission' means the Joint Legislative60 Oversight Commission on Georgia United Investment.61 (b) There is established the Joint Legislative Oversight Commi ssion on Georgia United62 Investment, which is created to monitor the administration of the Georgia Investment Act63 Pilot Fund. The commission shall consist of 14 members as follows:64 (1) The chairperson of the Clayton County Board of Commissione rs or his or her65 representative;66 H. B. 1098 - 3 - 26 LC 59 9000 (2) The chairperson of the Cobb County Board of Commissioners or his or her67 representative;68 (3) The chief executive officer of DeKalb County or his or her representative;69 (4) The chairperson of the Douglas County Board of Commissione rs or his or her70 representative;71 (5) The president of the Fayette County Development Authority or his or her72 representative;73 (6) The chairperson of the Fulton County Development Authority or his or her74 representative;75 (7) The chairperson of the Gwinnett County Board of Commission ers or his or her76 representative;77 (8) The chairperson of the Rockdale County Board of Commission ers or his or her78 representative;79 (9) Two members to be appointed by the minority leader of the House of80 Representatives;81 (10) Two members to be appointed by the President of the Senate;82 (11) Two members to be appointed by the minority leader of the Senate.83 (c) The chairperson of the commission shall be elected by majo rity vote of a quorum of84 the commission.85 (d) As to members of the commission appointed under paragraphs (9), (10), and (11) of86 subsection (b) of this Code section, such members shall be appo inted for terms of four87 years and until their successors are appointed and qualified. All such appointments shall88 be made no later than 90 days following the effective date of this Code section. A vacancy89 in the membership of the commission shall be filled in the same manner as the original90 position was filled.91 H. B. 1098 - 4 - 26 LC 59 9000 (e) Members of the commission shall serve without compensation but may be reimbursed92 for expenses actually incurred in the performance of their duties, within the limit of money93 appropriated to the fund or otherwise made available to the commission for its purposes.94 (f) The commission shall conduct meetings and hold hearings at such places and at such95 times as it may deem necessary or convenient to enable it to exercise fully and effectively96 its powers, perform its duties, and accomplish the objectives a nd purposes of this Code97 section. The commission shall meet upon the call of the chairp erson. A majority of the98 members of the commission shall constitute a quorum for the transaction of the business99 of the commission."100 SECTION 4.101 All laws and parts of laws in conflict with this Act are repealed.102 H. B. 1098 - 5 -