Senator Tan Parker announced the filing of a package of four bills, SJR 50, SB 1056, SB 1057, and SB 1058, aimed at encouraging the development of capital markets in Texas. The announcement was made in a press release and a post on X on February 3, 2025.
According to the press release by Parker, the proposed legislation includes a constitutional amendment to prohibit taxes on securities transactions within Texas' registered stock exchanges and seeks to clarify how the Texas Franchise Tax applies to securities market operators. It also codifies a business judgment presumption within the Texas Business Organizations Code to encourage qualified individuals to serve on corporate boards.
The bills require that shareholders in public companies must own a significant number of shares before forcing a vote on their proposals. These bills are now filed and awaiting committee referral. Together, they aim to guide the development of Texas capital markets, coinciding with the consideration of a new stock exchange headquarters in Texas by the U.S. Securities and Exchange Commission.
Senator Tan Parker's post
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"American capitalism's center of gravity is shifting to Texas," said Parker according to the press release. "With the passage of this 'Texas Capital Markets' package. Texans can be assured that our state will continue to lead the nation in economic progress. The passage of the Texas Capital Markets package sends a clear message: Texas is ready, capable, and committed to driving economic growth, creating jobs, and expanding investment opportunities. It's time for the bull market to come home to Main Street in Texas."
Senator Tan Parker represents District 12 and previously served in the Texas House, where he held leadership roles including chair of the House Republican Caucus during the 84th and 85th legislative sessions. Parker's legislative work has focused on Texas' economic growth and protection of vulnerable populations. He holds a degree from the University of Dallas and a Master's from the London School of Economics, according to the Texas Senate.
