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TX SJR50
Joint Resolution
Status
2/3/2025
Primary Sponsor
Tan Parker
Click for details
AI Summary
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Proposes adding Section 30 to Article VIII of the Texas Constitution to prohibit 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" broadly 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 or services, and document processing fees
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Allows changes to the rate of any tax already in existence on January 1, 2026
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Constitutional amendment would be submitted to Texas voters 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
Co-author authorized
4/1/2025