Governor Greg Abbott today signed three critical pieces of pro-growth, business-friendly legislation into law, including Senate Bill 29 that codifies the business judgment rule in Texas, during a bill signing ceremony at the Texas Capitol. Passed during the 89th Regular Legislative Session, these new laws will boost Texas' capital market environment and cement Texas as the Best State for Business.

"Texas is the reigning and undisputed champion for doing business in the United States of America," said Governor Abbott. "There is a difference between becoming a champion and repeating as a national champion year after year. To remain at the highest level requires constant innovation and improvement, and that is what we constantly work at to keep Texas as the best business climate in America. Senate Bill 29 provides business decision makers the certainty that sound business judgments made in the best interest of shareholders will not be second-guessed by courts. Business decisions are to be made by the elected officers and shareholders, not by unelected judges. These three laws will solidify our status as the best state for doing business for many years to come.”

The Governor was joined by 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.

Watch the Governor's full bill signing here. 

“The Texas economy is stronger than ever because our conservative, pro-growth policies provide a predictable low-regulation environment for companies to do business,” said Lieutenant Governor Patrick. “Senate Bill 29, which the Senate and I prioritized, continues the Texas Miracle by attracting new companies to our state. Senate Bill 29 and the other bills Governor Abbott signed into law today solidify Texas’ dominant position in the global economy and will bring even more prosperity to Texans.”

“Texas is globally renowned for innovation and economic opportunities, and with these new measures, we are solidifying our place as America’s premier business destination,” said Speaker Burrows. “This session, the Texas Legislature worked to bolster our state’s business-friendly reputation by providing certainty for businesses and investors so that every Texan feels the benefit of our thriving economy. I look forward to seeing these new laws attract more investments and opportunities to Texas and thank Governor Abbott, Lieutenant Governor Patrick and my colleagues in the legislature for securing a promising financial future for Texans.”

“Thanks to the dedication of our state leadership and legislators, Texas will now be the No. 1 choice for corporate registrations and relocations, as well as the premier destination for securities listings,” said Mr. Lee. "Our state is truly becoming the center of gravity for American capitalism."

"This is the trifecta," said Mr. Hamer. "These bills that are being signed today will absolutely keep Texas as the best state in the nation for jobs and to invest. We should be proud as Texans today, that we have more finance jobs than the state of New York. It is an honor to be in the best place in the world for job creation on this festive day." 

Senate Bill 29 (Hughes/Meyer) codifies the business judgment rule and reforms derivative claims processes. It also creates a mechanism to pre-assess corporate director independence. 

Senate Bill 1058 (Parker/Capriglione) creates a franchise tax exemption for stock exchanges operating in Texas for certain tax liabilities. 

House Joint Resolution 4 (Meyer/Parker) is a constitutional ban on a stock exchange transaction tax and an occupations tax.