| 1 | 1 | | 87R13726 TYPED |
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| 2 | 2 | | By: Springer, et al. S.J.R. No. 67 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment prohibiting the enactment of a |
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| 7 | 7 | | law that imposes a tax on certain transactions that either convey a |
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| 8 | 8 | | security or involve specified derivative contracts. |
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| 9 | 9 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Article VIII, Texas Constitution, is amended by |
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| 11 | 11 | | adding Section 30 read as follows: |
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| 12 | 12 | | Sec. 30. (a) After January 1, 2022, no law may be enacted |
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| 13 | 13 | | that imposes an occupation tax upon a Registered Securities Market |
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| 14 | 14 | | Operator or a tax upon a securities transaction of a Registered |
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| 15 | 15 | | Securities Market Operator. |
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| 16 | 16 | | (b) The term "Registered Securities Market Operator" means |
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| 17 | 17 | | a self-regulatory organization, national securities exchange, |
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| 18 | 18 | | financial institution, alternative trading system, trade reporting |
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| 19 | 19 | | facility, broker, dealer, clearing agency, or transfer agent, as |
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| 20 | 20 | | those terms are defined in the Securities Exchange Act of 1934, 15 |
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| 21 | 21 | | U.S.C. 78a et seq., or a board of trade, commodities pool operator, |
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| 22 | 22 | | derivatives clearing organization, electronic trading facility, or |
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| 23 | 23 | | organized exchange, as that term is defined in the Commodities |
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| 24 | 24 | | Futures Exchange Act, 7 U.S.C. 1 et seq., or an affiliate, |
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| 25 | 25 | | subsidiary, or facility thereof, to the extent that such Regulated |
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| 26 | 26 | | Securities Market Operator is subject to registration with and |
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| 27 | 27 | | regulation by the U.S. Securities and Exchange Commission or the |
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| 28 | 28 | | U.S. Commodities Futures Trading Commission. |
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| 29 | 29 | | (c) The term "security" or "securities" means the |
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| 30 | 30 | | definition of that term set forth in the Securities Exchange Act of |
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| 31 | 31 | | 1934, 15 U.S.C. ยง 78c(a)(10). |
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| 32 | 32 | | (d) The term "securities transaction" means the purchase or |
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| 33 | 33 | | sale of securities by a Registered Securities Market Operator on |
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| 34 | 34 | | behalf of a customer, any contract or agreement to do the same, and |
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| 35 | 35 | | any service by a Registered Securities Market Operator to |
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| 36 | 36 | | facilitate, match parties to, process, report, clear, or settle the |
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| 37 | 37 | | purchase or sale of securities on behalf of a customer. |
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| 38 | 38 | | (d) This section does not prohibit: |
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| 39 | 39 | | (1) the imposition of a general business tax measured |
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| 40 | 40 | | by business activity; |
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| 41 | 41 | | (2) the imposition of a tax on the production of |
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| 42 | 42 | | minerals; |
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| 43 | 43 | | (3) the imposition of a tax on insurance premiums; |
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| 44 | 44 | | (4) the imposition of a general sales tax on tangible |
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| 45 | 45 | | personal property or services; |
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| 46 | 46 | | (5) the imposition of a fee based on the cost of |
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| 47 | 47 | | processing documents; or |
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| 48 | 48 | | (6) the change of a rate of a tax in existence on |
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| 49 | 49 | | January 1, 2022. |
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| 50 | 50 | | SECTION 2. This proposed constitutional amendment shall be |
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| 51 | 51 | | submitted to the voters at an election to be held November 3, 2021. |
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| 52 | 52 | | The ballot shall be printed to permit voting for or against the |
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| 53 | 53 | | proposition: "The constitutional amendment to prohibit the |
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| 54 | 54 | | enactment of a law that imposes a tax on certain transactions that |
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| 55 | 55 | | either convey a security or involve specified derivative |
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| 56 | 56 | | contracts." |
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