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A JOINT RESOLUTION
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proposing a constitutional amendment prohibiting the enactment of a |
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law that imposes a tax on certain transactions that either convey a |
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security or involve specified derivative contracts. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VIII, Texas Constitution, is amended by |
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adding Section 30 to read as follows: |
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Sec. 30. (a) After January 1, 2022, no law may be enacted |
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that imposes an occupation tax on a registered securities market |
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operator or a tax on a securities transaction of a registered |
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securities market operator. |
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(b) The term "registered securities market operator" means |
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a self-regulatory organization, national securities exchange, |
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financial institution, alternative trading system, trade reporting |
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facility, broker, dealer, clearing agency, or transfer agent, as |
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those terms are defined in the Securities Exchange Act of 1934 (15 |
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U.S.C. 78a et seq.), or a board of trade, commodities pool operator, |
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derivatives clearing organization, electronic trading facility, or |
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organized exchange, as that term is defined in the Commodity |
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Exchange Act (7 U.S.C. Section 1 et seq.), or an affiliate, |
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subsidiary, or facility thereof, to the extent that such regulated |
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securities market operator is subject to registration with and |
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regulation by the U.S. Securities and Exchange Commission or the |
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U.S. Commodities Futures Trading Commission. |
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(c) The term "security" or "securities" means the |
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definition of that term set forth in the Securities Exchange Act of |
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1934 (15 U.S.C. Section 78c(a)(10)). |
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(d) The term "securities transaction" means the purchase or |
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sale of securities by a registered securities market operator on |
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behalf of a customer, any contract or agreement to do the same, and |
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any service by a registered securities market operator to |
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facilitate, match parties to, process, report, clear, or settle the |
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purchase or sale of securities on behalf of a customer. |
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(e) This section does not prohibit: |
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(1) the imposition of a general business tax measured |
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by business activity; |
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(2) the imposition of a tax on the production of |
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minerals; |
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(3) the imposition of a tax on insurance premiums; |
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(4) the imposition of a general sales tax on tangible |
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personal property or services; |
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(5) the imposition of a fee based on the cost of |
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processing documents; or |
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(6) the change of a rate of a tax in existence on |
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January 1, 2022. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 2, 2021. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to prohibit the |
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enactment of a law that imposes a tax on certain transactions that |
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either convey a security or involve specified derivative |
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contracts." |