LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 89TH LEGISLATIVE REGULAR SESSION March 13, 2025 TO: Honorable Charles Schwertner, Chair, Senate Committee on Business & Commerce FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SJR50 by Parker (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 Introduced 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, RStu, KK, SD
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 89TH LEGISLATIVE REGULAR SESSION
March 13, 2025
TO: Honorable Charles Schwertner, Chair, Senate Committee on Business & Commerce FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SJR50 by Parker (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 Introduced
TO: Honorable Charles Schwertner, Chair, Senate Committee on Business & Commerce
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: SJR50 by Parker (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 Introduced
Honorable Charles Schwertner, Chair, Senate Committee on Business & Commerce
Honorable Charles Schwertner, Chair, Senate Committee on Business & Commerce
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
SJR50 by Parker (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 Introduced
SJR50 by Parker (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 Introduced
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, RStu, KK, SD
JMc, RStu, KK, SD