What happened: Texas continues to position itself as a major player in the financial sector, competing with financial hubs like New York and Delaware. Notably, on May 14, Governor Greg Abbott signed into law three pro-business bills. These legislative victories come as the Texas Stock Exchange prepares to launch trading in early 2026. 

Worth noting: One of the three pieces of legislation enacted by Gov. Abbott is TLR-supported Senate Bill 29 by Sen. Bryan Hughes and Rep. Morgan Meyer. The new law, effective immediately, enhances legal protections for companies and limits shareholder lawsuits, aligning with broader efforts to make Texas more attractive for corporate registrations. 

• Meanwhile, a proposed constitutional amendment on the November ballot would ban taxes on securities transactions, directly countering efforts in New York to reinstate a stock sales tax. 
• These steps reflect a coordinated strategy to make Texas the top destination for business incorporation and capital markets activity.

In his own words: “Texas is going in direct competition with Delaware and New York, Delaware for registrations and New York for listings and the exchange operators.” — Jim Lee, founder of the Texas Stock Exchange

TLR Thoughts: Texas continues to distinguish itself as a national leader, leading the charge in establishing a favorable climate for businesses to flourish, ultimately boosting job growth and innovation. By reducing litigation risk and rejecting burdensome financial transaction taxes, the Lone Star State is sending a clear message: Texas is open for business. 

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