Bill Text: TX SB44 | 2021 | 87th Legislature 2nd Special Session | 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.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2021-08-09 - Filed [SB44 Detail]
Download: Texas-2021-SB44-Introduced.html
| By: Springer | S.B. No. 44 | |
|
|
||
|
|
||
| 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. | ||
