88R3290 RDS-F
By: Springer S.J.R. No. 24
A JOINT RESOLUTION
proposing a constitutional amendment prohibiting the enactment of a
law imposing an occupation tax on certain entities that enter into
transactions conveying securities or imposing a tax on certain
securities transactions.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article VIII, Texas Constitution, is amended by
adding Section 30 to read as follows:
Sec. 30. (a) In this section:
(1) "Registered securities market operator" means any
of the following entities, to the extent the entity is subject to
registration with and regulation by the United States Securities
and Exchange Commission or the United States Commodity Futures
Trading Commission, or the successor in function to either
commission:
(A) a self-regulatory organization, financial
institution, alternative trading system, broker, dealer, clearing
agency, or transfer agent, as those terms are defined by the
Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in
effect on January 1, 2023, or a regulation adopted under that Act in
effect on that date;
(B) an exchange that is registered as a national
securities exchange under Section 6 of the Securities Exchange Act
of 1934 (15 U.S.C. Section 78f);
(C) a board of trade, commodity pool operator,
derivatives clearing organization, electronic trading facility, or
organized exchange, as those terms are defined by the Commodity
Exchange Act (7 U.S.C. Section 1 et seq.) in effect on January 1,
2023;
(D) an affiliate, subsidiary, or facility of an
entity described by Paragraph (A), (B), or (C); or
(E) an OTC reporting facility, as that term is
defined by rules promulgated by the Financial Industry Regulatory
Authority and in effect on January 1, 2023.
(2) "Securities transaction" means the purchase or
sale of a security, a contract or agreement to purchase or sell a
security, or a service to facilitate, match parties to, process,
report, clear, or settle the purchase or sale of a security on
behalf of a customer.
(3) "Security" has the meaning assigned by the
Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in
effect on January 1, 2023.
(b) The legislature may not enact a law that imposes:
(1) an occupation tax on a registered securities
market operator; or
(2) a tax on a securities transaction conducted by a
registered securities market operator.
(c) This section does not prohibit:
(1) the imposition of:
(A) a general business tax measured by business
activity;
(B) a tax on the production of minerals;
(C) a tax on insurance premiums;
(D) sales and use taxes on tangible personal
property or services; or
(E) a fee based on the cost of processing or
creating documents; or
(2) a change in the rate of a tax in existence on
January 1, 2024.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to provide for voting for or against the
proposition: "The constitutional amendment prohibiting the
legislature from enacting a law imposing an occupation tax on
certain entities that enter into transactions conveying securities
or imposing a tax on certain securities transactions."