Bill Text: TX SB44 | 2021 | 87th Legislature 2nd Special Session | Introduced

Texas Senate Bill 44 (Prior Session Legislation)

Introduced

Bill Title: Relating to a prohibition on 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-08-09 - Filed [SB44 Detail]

Download: Texas-2021-SB44-Introduced.html



	By: Springer	S.B. No. 44


	A BILL TO BE ENTITLED
	AN ACT
	relating to a prohibition on 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 ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Chapter 101, Tax Code, is amended by adding
	Section 101.010 to read as follows:
	Sec. 101.010. LIMITATION: TAXES IMPOSED ON SECURITIES
	TRANSACTIONS AND ENTITIES ENGAGING IN SECURITIES TRANSACTIONS. (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, 2021, 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,
	2021;
	(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, 2021.
	(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, 2021.
	(b) Notwithstanding any other law, 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
	December 1, 2021.
	SECTION 2. This Act takes effect December 1, 2021.