The New York Stock Exchange (NYSE) is set to expand its operations to Dallas, Texas, as part of its “fully electronic equities change” NYSE Texas. The exchange plans to reincorporate its NYSE Chicago as NYSE Texas, citing Texas’s friendly tax and regulatory environment as a major draw for businesses.
Texas has become a significant hub for companies looking to relocate, with over 7,300 firms moving into the state between 2010 and 2019, according to a report by the Federal Reserve Bank of Dallas. The state has notched more firms moving in than out since 2000, making it an attractive destination for businesses.
Experts point to Texas’s low taxes, relaxed regulatory environment, and favorable business climate as key factors driving companies to the state. “The first is, of course, the taxes,” said University of Texas at Dallas Accounting Assistant Professor Kirti Sinha. “There is no personal income tax and corporate income taxes in Texas.” She also noted that the state’s low disclosure and regulatory oversight create a more business-friendly environment.
Other notable companies have already made the move to Texas, including Tesla, Fisher Investments, and Hewlett Packard Enterprise. Energy giant Chevron recently announced plans to relocate its headquarters to Texas from California, citing the state’s pro-business atmosphere as a major factor in its decision.
The launch of NYSE Texas is expected to further accelerate business growth in the state, making it an even more attractive destination for investors and companies alike.
Source: https://www.foxbusiness.com/markets/nyse-coming-texas-coming-lone-star-state-continues-attract-businesses