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TX SB1058
Bill
Status
5/13/2025
Primary Sponsor
Tan Parker
Click for details
AI Summary
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Registered securities market operators may exclude transaction rebate payments made to brokers or dealers from their total revenue for Texas franchise tax purposes
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"Transaction rebate payment" is defined as an amount paid to incentivize a broker or dealer to provide liquidity to the market
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A "registered securities market operator" must be engaged in securities and commodity exchanges (NAICS category 523210) and be subject to SEC or CFTC registration and regulation
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The definitions of "broker" and "dealer" reference federal securities law under 15 U.S.C. Section 78c
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Takes effect January 1, 2026, applying only to 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
Effective on 1/1/26
5/13/2025