| 3 | 5 | | |
|---|
| 4 | 6 | | |
|---|
| 5 | 7 | | proposing a constitutional amendment prohibiting the imposition of |
|---|
| 6 | 8 | | a tax on the realized or unrealized capital gains of an individual, |
|---|
| 7 | 9 | | family, estate, or trust. |
|---|
| 8 | 10 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 9 | 11 | | SECTION 1. Article VIII, Texas Constitution, is amended by |
|---|
| 10 | 12 | | adding Section 24-b to read as follows: |
|---|
| 11 | 13 | | Sec. 24-b. (a) Subject to Subsection (b) of this section, |
|---|
| 12 | 14 | | the legislature may not impose a tax on the realized or unrealized |
|---|
| 13 | 15 | | capital gains of an individual, family, estate, or trust, including |
|---|
| 14 | 16 | | a tax on the sale or transfer of a capital asset that is payable by |
|---|
| 15 | 17 | | the individual, family, estate, or trust selling or transferring |
|---|
| 16 | 18 | | the asset. |
|---|
| 17 | 19 | | (b) This section may not be construed as modifying the |
|---|
| 18 | 20 | | applicability or prohibiting the imposition or change in the rate |
|---|
| 19 | 21 | | of: |
|---|
| 20 | 22 | | (1) an ad valorem tax on property; |
|---|
| 21 | 23 | | (2) a sales tax on the sale of goods or services; |
|---|
| 22 | 24 | | (3) a use tax on the storage, use, or other consumption |
|---|
| 23 | 25 | | in this state of goods or services; or |
|---|
| 24 | 26 | | (4) a general business tax measured by business |
|---|
| 25 | 27 | | activity. |
|---|
| 26 | 28 | | SECTION 2. This proposed constitutional amendment shall be |
|---|
| 27 | 29 | | submitted to the voters at an election to be held November 4, 2025. |
|---|
| 28 | 30 | | The ballot shall be printed to permit voting for or against the |
|---|
| 29 | 31 | | proposition: "The constitutional amendment prohibiting the |
|---|
| 30 | 32 | | imposition of a tax on the realized or unrealized capital gains of |
|---|
| 31 | 33 | | an individual, family, estate, or trust." |
|---|