Bill Text: TX SJR11 | 2021 | 87th Legislature 2nd Special Session | Introduced
Bill Title: Proposing a constitutional amendment prohibiting the enactment of a law that imposes a tax on certain transactions that either convey a security or involve specified derivative contracts.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-08-09 - Filed [SJR11 Detail]
Download: Texas-2021-SJR11-Introduced.html
| By: Springer | S.J.R. No. 11 | |
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| proposing a constitutional amendment prohibiting the enactment of a | ||
| law that imposes a tax on certain transactions that either convey a | ||
| security or involve specified derivative contracts. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Article VIII, Texas Constitution, is amended by | ||
| adding Section 30 read as follows: | ||
| Sec. 30. (a) After January 1, 2022, no law may be enacted | ||
| that imposes an occupation tax upon a Registered Securities Market | ||
| Operator or a tax upon a securities transaction of a Registered | ||
| Securities Market Operator. | ||
| (b) The term "Registered Securities Market Operator" means | ||
| a self-regulatory organization, national securities exchange, | ||
| financial institution, alternative trading system, trade reporting | ||
| facility, broker, dealer, clearing agency, or transfer agent, as | ||
| those terms are defined in the Securities Exchange Act of 1934, 15 | ||
| U.S.C. 78a et seq., or a board of trade, commodities pool operator, | ||
| derivatives clearing organization, electronic trading facility, or | ||
| organized exchange, as that term is defined in the Commodities | ||
| Futures Exchange Act, 7 U.S.C. 1 et seq., or an affiliate, | ||
| subsidiary, or facility thereof, to the extent that such Regulated | ||
| Securities Market Operator is subject to registration with and | ||
| regulation by the U.S. Securities and Exchange Commission or the | ||
| U.S. Commodities Futures Trading Commission. | ||
| (c) The term "security" or "securities" means the | ||
| definition of that term set forth in the Securities Exchange Act of | ||
| 1934, 15 U.S.C. § 78c(a)(10). | ||
| (d) The term "securities transaction" means the purchase or | ||
| sale of securities by a Registered Securities Market Operator on | ||
| behalf of a customer, any contract or agreement to do the same, and | ||
| any service by a Registered Securities Market Operator to | ||
| facilitate, match parties to, process, report, clear, or settle the | ||
| purchase or sale of securities on behalf of a customer. | ||
| (d) This section does not prohibit: | ||
| (1) the imposition of a general business tax measured | ||
| by business activity; | ||
| (2) the imposition of a tax on the production of | ||
| minerals; | ||
| (3) the imposition of a tax on insurance premiums; | ||
| (4) the imposition of a general sales tax on tangible | ||
| personal property or services; | ||
| (5) the imposition of a fee based on the cost of | ||
| processing documents; or | ||
| (6) the change of a rate of a tax in existence on | ||
| January 1, 2022. | ||
| SECTION 2. This proposed constitutional amendment shall be | ||
| submitted to the voters at an election to be held November 3, 2021. | ||
| The ballot shall be printed to permit voting for or against the | ||
| proposition: "The constitutional amendment to prohibit the | ||
| enactment of a law that imposes a tax on certain transactions that | ||
| either convey a security or involve specified derivative | ||
| contracts." | ||
