Bill Text: TX SB2001 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to prohibiting the enactment of a law that imposes a tax on certain transactions that either convey a security or involve specified derivative contracts.
Sponsorship: Partisan Bill (Republican 7)
Status: (Introduced - Dead) 2021-04-01 - Referred to Finance [SB2001 Detail]
Download: Texas-2021-SB2001-Introduced.html
| 87R14332 TYPED | ||
| By: Springer, et al. | S.B. No. 2001 | |
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| Relating to 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 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. Provisions Relating to Securities Market | ||
| Operators (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. | ||
| SECTIONA 2. This Act takes effect January 1, 2022, but only if the | ||
| constitutional amendment proposed by the 87th Legislature, Regular | ||
| Session, 2021, to authorize the legislature to prohibiting the | ||
| enactment of a law that imposes a tax on certain transactions that | ||
| either convey a security or involve specified derivative contracts | ||
| is approved by the voters. If that amendment is not approved by the | ||
| voters, this Act has no effect. | ||
