TX
Texas Senate Bill SJR67

Texas 2021 - 87th Regular

Texas Senate Bill SJR67

Caption

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.

Impact

If enacted, SJR67 would significantly impact the landscape for financial transactions in Texas by providing a tax exemption for certain securities-related processes. This exemption could encourage further investment and economic activity in the securities market by reducing the financial burden on market operators. Additionally, the bill allows for specified existing taxes such as general business taxes or sales taxes on tangible goods to continue, ensuring that the state maintains some tax revenue while still fostering a favorable environment for financial activities.

Summary

SJR67 is a joint resolution proposing a constitutional amendment that aims to prohibit the enactment of any law imposing a tax on certain transactions related to securities. Specifically, the bill focuses on transactions conducted by Registered Securities Market Operators, which includes entities such as self-regulatory organizations, national securities exchanges, and various financial institutions. The proposed amendment seeks to add Section 30 to Article VIII of the Texas Constitution, defining what constitutes a Registered Securities Market Operator and specifying the types of transactions that would be exempt from taxation under this provision.

Contention

The primary contention surrounding SJR67 revolves around the implications of granting tax exemptions to specific sectors of the economy. Proponents of the bill argue that such an amendment would make Texas a more attractive hub for financial services, potentially leading to increased job creation and economic growth in the securities sector. On the other hand, critics may raise concerns regarding fairness and equity, questioning whether particular industries should receive tax benefits over others and the potential loss of revenue for state programs that rely on taxation of financial activities. The discussion likely emphasizes the balance between encouraging growth in the financial sector and ensuring fair tax contributions from various industries.

Companion Bills

TX HJR140

Same As 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.

TX SB2001

Enabled by Relating to prohibiting the enactment of a law that imposes a tax on certain transactions that either convey a security or involve specified derivative contracts.

Previously Filed As

TX SJR24

Proposing a constitutional amendment prohibiting the enactment of a law imposing an occupation tax on certain entities that enter into transactions conveying securities or imposing a tax on certain securities transactions.

TX SB266

Relating to a prohibition on the enactment of a law imposing an occupation tax on certain entities that enter into transactions conveying securities or imposing a tax on certain securities transactions.

TX HJR132

Proposing a constitutional amendment prohibiting the imposition of an individual net worth or wealth tax.

TX SJR91

Proposing a constitutional amendment prohibiting the imposition of an individual net worth or wealth tax.

TX HJR29

Proposing a constitutional amendment providing that a residence homestead is not subject to seizure or sale for delinquent ad valorem taxes.

TX HJR124

Proposing a constitutional amendment to remove the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

TX HB5011

Relating to amendments to the Uniform Commercial Code, including amendments concerning certain intangible assets and the perfection of security interests in those assets.

TX SB2075

Relating to amendments to the Uniform Commercial Code, including amendments concerning certain intangible assets and the perfection of security interests in those assets.

TX SB2484

Relating to prohibiting contracts or other agreements involving the receipt of certain tax incentives by certain foreign-owned companies.

TX HJR20

Proposing a constitutional amendment authorizing the legislature to provide for exceptions to the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.

Similar Bills

No similar bills found.