Texas Governor Greg Abbott has enacted legislation aimed at reinforcing the state's reputation as the go-to destination for business. During a ceremony at the Capitol, Abbott inked three pieces of legislation, including Senate Bill 29, which integrates the business judgment rule into state law. This legislative move, lauded by pro-business leaders, seeks to further elevate Texas's appeal to the business community and stave off judicial second-guessing of corporate decisions. As reported by the Governor's official website, Abbott hailed Texas as "the reigning and undisputed champion for doing business."
Supporting this business-first agenda, Lieutenant Governor Dan Patrick praised the state's "conservative, pro-growth policies" for their role in bolstering a stable, low-regulation environment for companies. Speaker Dustin Burrows echoed the sentiment, looking forward to these laws magnetizing more investments and, as he noted, opportunities to Texas. As per the Governor's news release, Patrick expressed confidence in the continued strength of what is often termed "the Texas Miracle." Eliminating any uncertainty, these laws are designed to solidify the state’s position as a powerhouse in the global market.
Noteworthy also is Senate Bill 1058, which offers a franchise tax exemption for specific stock exchanges within the state, alleviating some of the financial burdens these entities might face. Joining the fiscal fray, House Joint Resolution 4 enshrines a constitutional ban on both a stock exchange transaction tax and an occupations tax. These legal reinforcements bolster Texas's framework for protecting its economic growth and attracting external business interests.
Business heavyweights were present to offer their stamps of approval. TXSE Group Inc. Founder James Lee credited state leadership and legislators with positioning Texas as the top choice for corporate registrations and relocations. Meanwhile, Texas Association of Business CEO Glenn Hamer dubbed the occasion a "trifecta," boasting that Texas now outstrips New York in finance jobs. In a tone reflective of the gathered business community's mood, he affirmed that Texas remains the optimal location for job creation, as "an honor to be in the best place in the world for job creation on this festive day," corroborated by the news from the Governor's office.
With the enactment of these laws, Texas signals its intent to strengthen its pro-business environment. Governor Abbott, the Lieutenant Governor, and the Speaker have embedded their message within the legislative code: Texas will continue to be a hub for business prosperity and growth. They assert that these laws not only welcome more corporate investments but also safeguard against changes that could disrupt the steady flow of business into the state.
