Bill > SJR50

This joint resolution proposes a constitutional amendment to the Texas Constitution that would prohibit the state legislature from imposing an occupation tax on registered securities market operators or a tax on securities transactions. The resolution defines key terms such as "registered securities market operator" to include various financial entities regulated by the Securities and Exchange Commission or Commodity Futures Trading Commission, including exchanges, brokers, dealers, and related affiliates. A "securities transaction" is defined broadly as the purchase, sale, or processing of securities. While the amendment would prevent specific taxes on these market operators and transactions, it does not prohibit other types of taxes such as general business taxes, sales and use taxes, mineral production taxes, insurance premium taxes, or document processing fees. The proposed amendment would be submitted to Texas voters for approval at the November 4, 2025 election, with ballot language explaining the prohibition on occupation and securities transaction taxes for certain financial entities.

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https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SJR50