Texas: Governor Abbott Signs Pro-Growth Business Legislation Into Law
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~ Governor Greg Abbott solidified Texas' reputation as the Best State for Business today by signing three critical pieces of pro-growth, business-friendly legislation into law. The bill signing ceremony, held at the Texas Capitol, marked the passage of Senate Bill 29, Senate Bill 1058, and House Joint Resolution 4 during the 89th Regular Legislative Session.

During his remarks, Governor Abbott emphasized the importance of constant innovation and improvement in order to maintain Texas' status as a national champion for doing business. He stated that these new laws will provide certainty for businesses and investors and cement Texas' position as the premier destination for economic opportunities.

Joining Governor Abbott at the ceremony were Lieutenant Governor Dan Patrick, Speaker Dustin Burrows, TXSE Group Inc. Founder, Chairman and CEO James Lee, Texas Association of Business (TAB) President and CEO Glenn Hamer, and other business and legislative leaders.

In his statement, Lieutenant Governor Patrick praised Senate Bill 29 as a crucial piece of legislation that will continue to attract new companies to Texas. He also highlighted the state's strong economy due to conservative, pro-growth policies that provide a low-regulation environment for businesses.

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Speaker Burrows echoed this sentiment by stating that these new measures will bolster Texas' business-friendly reputation and bring even more prosperity to its citizens. He thanked Governor Abbott, Lieutenant Governor Patrick, and his colleagues in the legislature for securing a promising financial future for Texans.

James Lee of TXSE Group Inc. expressed his gratitude towards state leadership and legislators for making Texas the top choice for corporate registrations and relocations. He also noted that with these new laws in place, Texas is becoming the center of gravity for American capitalism.

Glenn Hamer of TAB called this event a "trifecta" that will keep Texas as the best state in the nation for jobs and investments. He also highlighted how proud Texans should be to have more finance jobs than the state of New York.

The three laws signed by Governor Abbott include Senate Bill 29, which codifies the business judgment rule and reforms derivative claims processes. It also creates a mechanism to pre-assess corporate director independence. Senate Bill 1058 creates a franchise tax exemption for stock exchanges operating in Texas for certain tax liabilities. House Joint Resolution 4 is a constitutional ban on a stock exchange transaction tax and an occupations tax.

With these new laws in place, Texas is poised to maintain its position as the Best State for Business and continue to attract investments and opportunities for its citizens. The Governor's full bill signing can be viewed online.

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