Texas 2021 - 87th Regular

Texas House Bill HJR140 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	By: Paddie, Meyer, Tinderholt H.J.R. No. 140
2		-	(Senate Sponsor - Springer)
3		-	(In the Senate - Received from the House May 5, 2021;
4		-	May 13, 2021, read first time and referred to Committee on Finance;
5		-	May 21, 2021, reported favorably by the following vote: Yeas 11,
6		-	Nays 1; May 21, 2021, sent to printer.)
7		-	Click here to see the committee vote
	1	+	By: Paddie, Meyer, et al. H.J.R. No. 140
8	2
9	3
10		-	~~HOUSE~~ JOINT RESOLUTION
	4	+	A JOINT RESOLUTION
11	5		proposing a constitutional amendment prohibiting the enactment of a
12	6		law that imposes a tax on certain transactions that either convey a
13	7		security or involve specified derivative contracts.
14	8		BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
15	9		SECTION 1. Article VIII, Texas Constitution, is amended by
16	10		adding Section 30 to read as follows:
17	11		Sec. 30. (a) After January 1, 2022, no law may be enacted
18	12		that imposes an occupation tax on a registered securities market
19	13		operator or a tax on a securities transaction of a registered
20	14		securities market operator.
21	15		(b) The term "registered securities market operator" means
22	16		a self-regulatory organization, national securities exchange,
23	17		financial institution, alternative trading system, trade reporting
24	18		facility, broker, dealer, clearing agency, or transfer agent, as
25	19		those terms are defined in the Securities Exchange Act of 1934 (15
26	20		U.S.C. 78a et seq.), or a board of trade, commodities pool operator,
27	21		derivatives clearing organization, electronic trading facility, or
28	22		organized exchange, as that term is defined in the Commodity
29	23		Exchange Act (7 U.S.C. Section 1 et seq.), or an affiliate,
30	24		subsidiary, or facility thereof, to the extent that such regulated
31	25		securities market operator is subject to registration with and
32	26		regulation by the U.S. Securities and Exchange Commission or the
33	27		U.S. Commodities Futures Trading Commission.
34	28		(c) The term "security" or "securities" means the
35	29		definition of that term set forth in the Securities Exchange Act of
36	30		1934 (15 U.S.C. Section 78c(a)(10)).
37	31		(d) The term "securities transaction" means the purchase or
38	32		sale of securities by a registered securities market operator on
39	33		behalf of a customer, any contract or agreement to do the same, and
40	34		any service by a registered securities market operator to
41	35		facilitate, match parties to, process, report, clear, or settle the
42	36		purchase or sale of securities on behalf of a customer.
43	37		(e) This section does not prohibit:
44	38		(1) the imposition of a general business tax measured
45	39		by business activity;
46	40		(2) the imposition of a tax on the production of
47	41		minerals;
48	42		(3) the imposition of a tax on insurance premiums;
49	43		(4) the imposition of a general sales tax on tangible
50	44		personal property or services;
51	45		(5) the imposition of a fee based on the cost of
52	46		processing documents; or
53	47		(6) the change of a rate of a tax in existence on
54	48		January 1, 2022.
55	49		SECTION 2. This proposed constitutional amendment shall be
56	50		submitted to the voters at an election to be held November 2, 2021.
57	51		The ballot shall be printed to permit voting for or against the
58	52		proposition: "The constitutional amendment to prohibit the
59	53		enactment of a law that imposes a tax on certain transactions that
60	54		either convey a security or involve specified derivative
61	55		contracts."
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