LEGISLATIVE BUDGET BOARD
Austin, Texas

FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION


May 19, 2021

TO:	Honorable Jane Nelson, Chair, Senate Committee on Finance

FROM:	Jerry McGinty, Director, Legislative Budget Board

IN RE:	HJR140 by Paddie (Proposing a constitutional amendment prohibiting the enactment of a law that imposes a tax on certain transactions that either convey a security or involve specified derivative contracts.), As Engrossed

No fiscal implication to the State is anticipated, other than the cost of publication.

The cost to the state for publication of the resolution is $178,333.

The resolution would propose an amendment to Article VIII of the Texas Constitution that prohibits future taxes from being imposed on securities transactions by, or on the occupation of, Registered Securities Market Operators.

As the proposed constitutional amendment would prohibit taxes the state does not now impose, there would be no fiscal implications.

The amendment would take effect on January 1, 2022, contingent on approval by voters at an election to be held November 2, 2021.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

304 Comptroller of Public Accounts

LBB Staff:

JMc, KK, SD