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Governor to sign three laws aimed at making Texas a hub for stock exchanges
Summary
At an Economic Development Week event, the governor said he will sign three measures — including Senate Bill 29 and Senate Bill 1058 and a constitutional amendment via House Joint Resolution 4 — intended to protect the business judgment rule, exempt certain exchanges from franchise taxes, and bar stock-transaction taxes to encourage exchanges and headquarters relocations to Texas.
The governor said he will sign three laws intended to make Texas a national center for stock exchanges and corporate registrations, and he framed the moves as reinforcing the state’s long-standing pro-business climate.
He described Senate Bill 29 as codifying the business judgment rule so that "sound business judgments made in the best interest of shareholders will not be second guessed by courts," and said the law would limit opportunistic actions by small shareholders. He said Senate Bill 1058 will "exempt stock exchanges operating in Texas" from certain franchise tax liabilities, explicitly naming Nasdaq and the New York Stock Exchange along with the Texas…
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