LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION April 5, 2021 TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3702 by Paddie (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.), As Introduced No fiscal implication to the State is anticipated. The bill would amend Chapter 101 of the Tax Code to prohibit future taxes from being imposed on securities transactions by, or on the occupation of, Registered Securities Market Operators.As the bill would prohibit taxes the state does not now impose, there would be no fiscal implications. The bill would take effect on January 1, 2022, contingent on voter approval of the constitutional amendment to prohibit enactment of a law that imposes a tax on certain transactions that either convey a security or involve specified derivative contracts (HJR 140). Local Government ImpactNo fiscal implication to units of local government is anticipated. Source Agencies: b > td > 304 Comptroller of Public Accounts LBB Staff: b > td > JMc, KK, SD
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
April 5, 2021
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB3702 by Paddie (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.), As Introduced
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB3702 by Paddie (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.), As Introduced
Honorable Morgan Meyer, Chair, House Committee on Ways & Means
Honorable Morgan Meyer, Chair, House Committee on Ways & Means
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB3702 by Paddie (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.), As Introduced
HB3702 by Paddie (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.), As Introduced
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend Chapter 101 of the Tax Code to prohibit future taxes from being imposed on securities transactions by, or on the occupation of, Registered Securities Market Operators.As the bill would prohibit taxes the state does not now impose, there would be no fiscal implications. The bill would take effect on January 1, 2022, contingent on voter approval of the constitutional amendment to prohibit enactment of a law that imposes a tax on certain transactions that either convey a security or involve specified derivative contracts (HJR 140).
As the bill would prohibit taxes the state does not now impose, there would be no fiscal implications. The bill would take effect on January 1, 2022, contingent on voter approval of the constitutional amendment to prohibit enactment of a law that imposes a tax on certain transactions that either convey a security or involve specified derivative contracts (HJR 140).
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: b > td > JMc, KK, SD
JMc, KK, SD