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A JOINT RESOLUTION
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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 prohibiting the |
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imposition of: |
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(1) an ad valorem tax on property; |
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(2) a sales tax on the retail sale of goods or |
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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 purchased at retail. |
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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." |