Loading chat...
TX HB3684
Bill
Status
3/4/2025
Primary Sponsor
Giovanni Capriglione
Click for details
AI Summary
-
Allows registered securities market operators to exclude transaction rebate payments made to brokers or dealers from their total revenue when calculating Texas franchise tax liability
-
Defines "registered securities market operator" as an entity engaged in securities and commodity exchanges (NAICS category 523210) that is registered with and regulated by the SEC or CFTC
-
Defines "transaction rebate payment" as amounts paid to incentivize brokers or dealers to provide liquidity to the market
-
Uses federal definitions from 15 U.S.C. Section 78c for "broker" and "dealer" and Internal Revenue Code Section 475(c)(2) for "security"
-
Takes effect January 1, 2026, and applies only to franchise tax reports originally due on or after that date
Legislative Description
Relating to the exclusion of certain securities transaction payments from the total revenue of a taxable entity that is a registered securities market operator.
Taxation
Last Action
Laid on the table subject to call
4/28/2025