| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to a prohibition on 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. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Chapter 101, Tax Code, is amended by adding |
|
|
Section 101.010 to read as follows: |
|
|
Sec. 101.010. LIMITATION: TAXES IMPOSED ON SECURITIES |
|
|
TRANSACTIONS AND ENTITIES ENGAGING IN SECURITIES TRANSACTIONS. (a) |
|
|
In this section: |
|
|
(1) "Registered securities market operator" means any |
|
|
of the following entities, to the extent the entity is subject to |
|
|
registration with and regulation by the United States Securities |
|
|
and Exchange Commission or the United States Commodity Futures |
|
|
Trading Commission, or the successor in function to either |
|
|
commission: |
|
|
(A) a self-regulatory organization, financial |
|
|
institution, alternative trading system, broker, dealer, clearing |
|
|
agency, or transfer agent, as those terms are defined by the |
|
|
Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in |
|
|
effect on January 1, 2021, or a regulation adopted under that Act in |
|
|
effect on that date; |
|
|
(B) an exchange that is registered as a national |
|
|
securities exchange under Section 6 of the Securities Exchange Act |
|
|
of 1934 (15 U.S.C. Section 78f); |
|
|
(C) a board of trade, commodity pool operator, |
|
|
derivatives clearing organization, electronic trading facility, or |
|
|
organized exchange, as those terms are defined by the Commodity |
|
|
Exchange Act (7 U.S.C. Section 1 et seq.) in effect on January 1, |
|
|
2021; |
|
|
(D) an affiliate, subsidiary, or facility of an |
|
|
entity described by Paragraph (A), (B), or (C); or |
|
|
(E) an OTC reporting facility, as that term is |
|
|
defined by rules promulgated by the Financial Industry Regulatory |
|
|
Authority and in effect on January 1, 2021. |
|
|
(2) "Securities transaction" means the purchase or |
|
|
sale of a security, a contract or agreement to purchase or sell a |
|
|
security, or a service to facilitate, match parties to, process, |
|
|
report, clear, or settle the purchase or sale of a security on |
|
|
behalf of a customer. |
|
|
(3) "Security" has the meaning assigned by the |
|
|
Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in |
|
|
effect on January 1, 2021. |
|
|
(b) Notwithstanding any other law, the legislature may not |
|
|
enact a law that imposes: |
|
|
(1) an occupation tax on a registered securities |
|
|
market operator; or |
|
|
(2) a tax on a securities transaction conducted by a |
|
|
registered securities market operator. |
|
|
(c) This section does not prohibit: |
|
|
(1) the imposition of: |
|
|
(A) a general business tax measured by business |
|
|
activity; |
|
|
(B) a tax on the production of minerals; |
|
|
(C) a tax on insurance premiums; |
|
|
(D) sales and use taxes on tangible personal |
|
|
property or services; or |
|
|
(E) a fee based on the cost of processing or |
|
|
creating documents; or |
|
|
(2) a change in the rate of a tax in existence on |
|
|
December 1, 2021. |
|
|
SECTION 2. This Act takes effect December 1, 2021. |