87R13726 TYPED
 
  By: Paddie H.J.R. No. 140
 
 
 
A JOINT RESOLUTION
  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.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article VIII, Texas Constitution, is amended by
  adding Section 30 read as follows:
         Sec. 30.  (a) After January 1, 2022, no law may be enacted
  that imposes an occupation tax upon a Registered Securities Market
  Operator or a tax upon a securities transaction of a Registered
  Securities Market Operator.
         (b)  The term "Registered Securities Market Operator" means
  a self-regulatory organization, national securities exchange,
  financial institution, alternative trading system, trade reporting
  facility, broker, dealer, clearing agency, or transfer agent, as
  those terms are defined in the Securities Exchange Act of 1934, 15
  U.S.C. 78a et seq., or a board of trade, commodities pool operator,
  derivatives clearing organization, electronic trading facility, or
  organized exchange, as that term is defined in the Commodities
  Futures Exchange Act, 7 U.S.C. 1 et seq., or an affiliate,
  subsidiary, or facility thereof, to the extent that such Regulated
  Securities Market Operator is subject to registration with and
  regulation by the U.S. Securities and Exchange Commission or the
  U.S. Commodities Futures Trading Commission.
         (c)  The term "security" or "securities" means the
  definition of that term set forth in the Securities Exchange Act of
  1934, 15 U.S.C. § 78c(a)(10).
         (d)  The term "securities transaction" means the purchase or
  sale of securities by a Registered Securities Market Operator on
  behalf of a customer, any contract or agreement to do the same, and
  any service by a Registered Securities Market Operator to
  facilitate, match parties to, process, report, clear, or settle the
  purchase or sale of securities on behalf of a customer.
         (d)  This section does not prohibit:
               (1)  the imposition of a general business tax measured
  by business activity;
               (2)  the imposition of a tax on the production of
  minerals;
               (3)  the imposition of a tax on insurance premiums;
               (4)  the imposition of a general sales tax on tangible
  personal property or services;
               (5)  the imposition of a fee based on the cost of
  processing documents; or
               (6)  the change of a rate of a tax in existence on
  January 1, 2022.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 3, 2021.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment to prohibit the
  enactment of a law that imposes a tax on certain transactions that
  either convey a security or involve specified derivative
  contracts."