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TX HJR4
Joint Resolution
Status
5/5/2025
Primary Sponsor
Morgan Meyer
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AI Summary
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Proposes a constitutional amendment to Article VIII of the Texas Constitution adding Section 30, prohibiting the legislature from imposing occupation taxes on registered securities market operators or taxes on securities transactions they conduct
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Defines "registered securities market operator" to include self-regulatory organizations, brokers, dealers, clearing agencies, national securities exchanges, alternative trading systems, and derivatives clearing organizations registered with the SEC or CFTC
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Preserves the state's ability to impose general business taxes, mineral production taxes, insurance premium taxes, sales and use taxes on tangible property/services, and document processing fees
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Allows changes to tax rates for any tax already in existence on January 1, 2026
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Passed the House on April 1, 2025 (111-31) and the Senate on April 29, 2025 (28-3); scheduled for voter approval at an election on November 4, 2025
Legislative Description
Proposing a constitutional amendment prohibiting the enactment of a law imposing an occupation tax on certain entities that enter into transactions conveying securities or imposing a tax on certain securities transactions.
Taxation
Last Action
Filed with the Secretary of State
5/5/2025