Bill > HJR4

This joint resolution proposes a constitutional amendment to prevent the Texas Legislature from imposing an occupation tax on registered securities market operators or enacting a tax on securities transactions. The resolution provides detailed definitions for key terms, including "registered securities market operator" (which encompasses various financial institutions, exchanges, and trading platforms regulated by the Securities and Exchange Commission or Commodity Futures Trading Commission), "securities transaction" (the buying, selling, or processing of securities), and "security" (as defined by the Securities Exchange Act). While prohibiting specific taxes on these entities and transactions, the amendment does not prevent the imposition of general business taxes, mineral production taxes, insurance premium taxes, sales and use taxes, or document processing fees. The proposed amendment would be submitted to Texas voters in a November 4, 2025 election, with ballot language clearly explaining the proposed constitutional change. The resolution aims to protect certain financial market entities from targeted taxation by providing a constitutional barrier against such specific tax measures.

Budget and Finance

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HJR4