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: HJR140 by Paddie (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.), As Introduced No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $178,333. The resolution would propose an amendment to Article VIII of the Texas Constitution that prohibits future taxes from being imposed on securities transactions by, or on the occupation of, Registered Securities Market Operators.As the proposed constitutional amendment would prohibit taxes the state does not now impose, there would be no fiscal implications.The amendment would take effect on January 1, 2022, contingent on passage of House Bill 3702, and approval by voters at an election to be held November 3, 2021. Note: This would be the day after the next general election scheduled for November 2, 2021. 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: HJR140 by Paddie (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.), As Introduced
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HJR140 by Paddie (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.), 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
HJR140 by Paddie (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.), As Introduced
HJR140 by Paddie (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.), As Introduced
No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $178,333.
No fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $178,333.
The resolution would propose an amendment to Article VIII of the Texas Constitution that prohibits future taxes from being imposed on securities transactions by, or on the occupation of, Registered Securities Market Operators.As the proposed constitutional amendment would prohibit taxes the state does not now impose, there would be no fiscal implications.The amendment would take effect on January 1, 2022, contingent on passage of House Bill 3702, and approval by voters at an election to be held November 3, 2021. Note: This would be the day after the next general election scheduled for November 2, 2021.
As the proposed constitutional amendment would prohibit taxes the state does not now impose, there would be no fiscal implications.
The amendment would take effect on January 1, 2022, contingent on passage of House Bill 3702, and approval by voters at an election to be held November 3, 2021. Note: This would be the day after the next general election scheduled for November 2, 2021.
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