| |
| |
| |
|
|
AN ACT
|
|
|
relating to the exclusion of certain securities transaction |
|
|
payments from the total revenue of a taxable entity that is a |
|
|
registered securities market operator. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 171.0001(13-a), Tax Code, is amended to |
|
|
read as follows: |
|
|
(13-a) "Security," for purposes of Sections |
|
|
171.1011(g), 171.1011(g-2), 171.1011(y), 171.1011(z), and |
|
|
171.106(f) only, has the meaning assigned by Section 475(c)(2), |
|
|
Internal Revenue Code, and includes instruments described by |
|
|
Sections 475(e)(2)(B), (C), and (D) of that code. |
|
|
SECTION 2. Section 171.1011, Tax Code, is amended by adding |
|
|
Subsections (y) and (z) to read as follows: |
|
|
(y) A taxable entity that is a registered securities market |
|
|
operator shall exclude from its total revenue transaction rebate |
|
|
payments made by the operator to a broker or dealer as part of a |
|
|
securities transaction. |
|
|
(z) For purposes of Subsection (y): |
|
|
(1) "Broker" has the meaning assigned by 15 U.S.C. |
|
|
Section 78c(a)(4). |
|
|
(2) "Dealer" has the meaning assigned by 15 U.S.C. |
|
|
Section 78c(a)(5). |
|
|
(3) "Registered securities market operator" means an |
|
|
entity that is: |
|
|
(A) engaged in activities described in category |
|
|
523210 of the 2022 North American Industry Classification System; |
|
|
and |
|
|
(B) subject to registration with and regulation |
|
|
by the United States Securities and Exchange Commission or the |
|
|
United States Commodity Futures Trading Commission. |
|
|
(4) "Securities transaction" means the purchase or |
|
|
sale of a security by a broker or dealer. |
|
|
(5) "Transaction rebate payment" means an amount paid |
|
|
to incentivize a broker or dealer to provide liquidity to the |
|
|
market. |
|
|
SECTION 3. This Act applies only to a report originally due |
|
|
on or after the effective date of this Act. |
|
|
SECTION 4. This Act takes effect January 1, 2026. |
|
|
|
|
|
|
| |
| |
| |
| |
______________________________ |
______________________________ |
| |
President of the Senate |
Speaker of the House |
| |
|
|
I hereby certify that S.B. No. 1058 passed the Senate on |
|
|
April 10, 2025, by the following vote: Yeas 29, Nays 1. |
|
|
|
| |
| |
______________________________ |
| |
Secretary of the Senate |
| |
|
|
I hereby certify that S.B. No. 1058 passed the House on |
|
|
April 29, 2025, by the following vote: Yeas 137, Nays 9, two |
|
|
present not voting. |
|
|
|
| |
| |
______________________________ |
| |
Chief Clerk of the House |
| |
|
|
|
| |
|
|
Approved: |
|
|
|
|
|
______________________________ |
|
|
Date |
|
|
|
|
|
|
|
|
______________________________ |
|
|
Governor |