LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION May 19, 2021 TO: Honorable Jane Nelson, Chair, Senate Committee on Finance 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 Engrossed 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 approval by voters at an election to be held 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
May 19, 2021
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance 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 Engrossed
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance
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 Engrossed
Honorable Jane Nelson, Chair, Senate Committee on Finance
Honorable Jane Nelson, Chair, Senate Committee on Finance
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 Engrossed
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 Engrossed
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 approval by voters at an election to be held 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 approval by voters at an election to be held 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