The Senate today voted in favor of Sen. Wendy Davis’ bill establishing an auditing system for the Texas Enterprise Fund. Senate Bill 1390 requires the state auditor to “determine the efficiency and effectiveness” of the fund. It also requires the auditor to file a report to the legislature by January 1, 2015.

The Texas Enterprise Fund was established in 2003. It is a taxpayer-funded initiative used to offer financial incentives to lure companies to Texas. It was instrumental in attracting corporations like National Instruments and HID Global.

The fund has its share of critics. Gov. Perry has come under scrutiny amid accusations of crony capitalism and critics find issue with the fund’s limited oversight. Supporters of the bill passed today hope this bill will help increase the fund’s transparency.

In a statement last week, Sen. Davis said:

“It’s unconscionable that, after spending nearly a half-billion dollars in taxpayer money, the Enterprise Fund has yet to be held to the scrutiny of a comprehensive state audit. Texans cannot be confident their taxes are being appropriately or effectively used without the assurance provided by these audits.I think it’s significant that members of both parties have joined together in support of greater transparency for this Fund.”

The bill now heads to the House of Representatives.