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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 imposing an occupation tax on certain entities that enter into |
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transactions conveying securities or imposing a tax on certain |
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securities transactions. |
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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) In this section: |
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(1) "Registered securities market operator" means any |
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of the following entities, to the extent the entity is subject to |
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registration with and regulation by the United States Securities |
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and Exchange Commission or the United States Commodity Futures |
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Trading Commission, or the successor in function to either |
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commission: |
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(A) a self-regulatory organization, financial |
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institution, alternative trading system, broker, dealer, clearing |
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agency, or transfer agent, as those terms are defined by the |
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Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in |
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effect on January 1, 2023, or a regulation adopted under that Act in |
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effect on that date; |
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(B) an exchange that is registered as a national |
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securities exchange under Section 6 of the Securities Exchange Act |
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of 1934 (15 U.S.C. Section 78f); |
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(C) a board of trade, commodity pool operator, |
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derivatives clearing organization, electronic trading facility, or |
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organized exchange, as those terms are defined by the Commodity |
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Exchange Act (7 U.S.C. Section 1 et seq.) in effect on January 1, |
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2023; |
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(D) an affiliate, subsidiary, or facility of an |
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entity described by Paragraph (A), (B), or (C); or |
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(E) an OTC reporting facility, as that term is |
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defined by rules promulgated by the Financial Industry Regulatory |
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Authority and in effect on January 1, 2023. |
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(2) "Securities transaction" means the purchase or |
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sale of a security, a contract or agreement to purchase or sell a |
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security, or a service to facilitate, match parties to, process, |
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report, clear, or settle the purchase or sale of a security on |
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behalf of a customer. |
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(3) "Security" has the meaning assigned by the |
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Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in |
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effect on January 1, 2023. |
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(b) The legislature may not enact a law that imposes: |
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(1) an occupation tax on a registered securities |
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market operator; or |
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(2) a tax on a securities transaction conducted by a |
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registered securities market operator. |
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(c) This section does not prohibit: |
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(1) the imposition of: |
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(A) a general business tax measured by business |
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activity; |
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(B) a tax on the production of minerals; |
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(C) a tax on insurance premiums; |
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(D) sales and use taxes on tangible personal |
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property or services; or |
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(E) a fee based on the cost of processing or |
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creating documents; or |
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(2) a change in the rate of a tax in existence on |
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January 1, 2024. |
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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 7, 2023. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment prohibiting the |
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legislature from enacting a law imposing an occupation tax on |
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certain entities that enter into transactions conveying securities |
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or imposing a tax on certain securities transactions." |