LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 89TH LEGISLATIVE REGULAR SESSION April 15, 2025 TO: Honorable Joan Huffman, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HJR4 by Meyer (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.), 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 $191,689. The resolution would propose an amendment to Article VIII of the Texas Constitution to prohibit future taxes from being imposed on securities transactions by, or on the occupation of, Registered Securities Market Operators.The proposed amendment would be submitted to voters at an election to be held November 4, 2025.As the proposed constitutional amendment would prohibit taxes the state does not now impose, there would be no fiscal implications. 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, 89TH LEGISLATIVE REGULAR SESSION
April 15, 2025
TO: Honorable Joan Huffman, Chair, Senate Committee on Finance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HJR4 by Meyer (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.), As Engrossed
TO: Honorable Joan Huffman, Chair, Senate Committee on Finance
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HJR4 by Meyer (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.), As Engrossed
Honorable Joan Huffman, Chair, Senate Committee on Finance
Honorable Joan Huffman, Chair, Senate Committee on Finance
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HJR4 by Meyer (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.), As Engrossed
HJR4 by Meyer (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.), 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 $191,689.
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 $191,689.
The resolution would propose an amendment to Article VIII of the Texas Constitution to prohibit future taxes from being imposed on securities transactions by, or on the occupation of, Registered Securities Market Operators.The proposed amendment would be submitted to voters at an election to be held November 4, 2025.As the proposed constitutional amendment would prohibit taxes the state does not now impose, there would be no fiscal implications.
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