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proposing a constitutional amendment prohibiting the imposition of |
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a tax on the realized or unrealized capital gains of an individual, |
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family, estate, or trust. |
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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 24-b to read as follows: |
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Sec. 24-b. (a) Subject to Subsection (b) of this section, |
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the legislature may not impose a tax on the realized or unrealized |
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capital gains of an individual, family, estate, or trust, including |
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a tax on the sale or transfer of a capital asset that is payable by |
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the individual, family, estate, or trust selling or transferring |
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the asset. |
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(b) This section may not be construed as modifying the |
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applicability or prohibiting the imposition or change in the rate |
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of: |
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(1) an ad valorem tax on property; |
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(2) a sales tax on the sale of goods or services; or |
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(3) a use tax on the storage, use, or other consumption |
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in this state of goods or services. |
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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 4, 2025. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment prohibiting the |
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imposition of a tax on the realized or unrealized capital gains of |
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an individual, family, estate, or trust." |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.J.R. No. 18 was adopted by the Senate |
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on March 18, 2025, by the following vote: Yeas 24, Nays 6; and that |
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the Senate concurred in House amendment on May 5, 2025, by the |
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following vote: Yeas 25, Nays 6. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.J.R. No. 18 was adopted by the House, |
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with amendment, on April 28, 2025, by the following vote: Yeas 104, |
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Nays 26, eleven present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Received: |
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______________________________ |
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Date |
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______________________________ |
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Secretary of State |