Texas 2021 - 87th Regular

Texas Senate Bill SB2001 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	87R14332 TYPED
2	2	By: Springer, et al. S.B. No. 2001
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	Relating to prohibiting the enactment of a law that imposes a tax on
8	8	certain transactions that either convey a security or involve
9	9	specified derivative contracts.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Chapter 101, Tax Code is amended by adding
12	12	Section 101.010 to read as follows:
13	13	Sec. 101.010. Provisions Relating to Securities Market
14	14	Operators (a) After January 1, 2022, no law may be enacted that
15	15	imposes an occupation tax upon a Registered Securities Market
16	16	Operator or a tax upon a securities transaction of a Registered
17	17	Securities Market Operator.
18	18	(b) The term "Registered Securities Market Operator" means
19	19	a self-regulatory organization, national securities exchange,
20	20	financial institution, alternative trading system, trade reporting
21	21	facility, broker, dealer, clearing agency, or transfer agent, as
22	22	those terms are defined in the Securities Exchange Act of 1934, 15
23	23	U.S.C. 78a et seq., or a board of trade, commodities pool operator,
24	24	derivatives clearing organization, electronic trading facility, or
25	25	organized exchange, as that term is defined in the Commodities
26	26	Futures Exchange Act, 7 U.S.C. 1 et seq., or an affiliate,
27	27	subsidiary, or facility thereof, to the extent that such Regulated
28	28	Securities Market Operator is subject to registration with and
29	29	regulation by the U.S. Securities and Exchange Commission or the
30	30	U.S. Commodities Futures Trading Commission.
31	31	(c) The term "security" or "securities" means the
32	32	definition of that term set forth in the Securities Exchange Act of
33	33	1934, 15 U.S.C. § 78c(a)(10).
34	34	(d) The term "securities transaction" means the purchase or
35	35	sale of securities by a Registered Securities Market Operator on
36	36	behalf of a customer, any contract or agreement to do the same, and
37	37	any service by a Registered Securities Market Operator to
38	38	facilitate, match parties to, process, report, clear, or settle the
39	39	purchase or sale of securities on behalf of a customer.
40	40	(d) This section does not prohibit:
41	41	(1) the imposition of a general business tax measured
42	42	by business activity;
43	43	(2) the imposition of a tax on the production of
44	44	minerals;
45	45	(3) the imposition of a tax on insurance premiums;
46	46	(4) the imposition of a general sales tax on tangible
47	47	personal property or services;
48	48	(5) the imposition of a fee based on the cost of
49	49	processing documents; or
50	50	(6) the change of a rate of a tax in existence on
51	51	January 1, 2022.
52	52	SECTIONA 2. This Act takes effect January 1, 2022, but only if the
53	53	constitutional amendment proposed by the 87th Legislature, Regular
54	54	Session, 2021, to authorize the legislature to prohibiting the
55	55	enactment of a law that imposes a tax on certain transactions that
56	56	either convey a security or involve specified derivative contracts
57	57	is approved by the voters. If that amendment is not approved by the
58	58	voters, this Act has no effect.