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Committee hears ‘capital markets’ package targeting shareholder proposal thresholds and tax treatment for exchanges
Summary
A cluster of bills would raise shareholder proposal thresholds, adjust franchise‑tax treatment for exchanges, and seek a constitutional ban on transaction taxes — all pitched as measures to attract exchanges and protect ordinary shareholders from frivolous proposals.
Lede: The committee heard a multi‑bill pitch from Sen. Parker intended to strengthen Texas as a capital‑markets hub, including higher thresholds for shareholders who may force proposals onto corporate ballots, tax rules to avoid double taxation of exchange rebates, and a constitutional amendment to bar a state financial‑transaction tax.
Nut graf: Supporters — including industry groups and the Texas Stock Exchange proponents — said raising eligibility and clarifying tax rules would deter frivolous shareholder proposals, reduce compliance costs, and attract exchanges to locate in Texas. Critics and some members asked constitutional and…
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