Bill Text: TX SJR11 | 2021 | 87th Legislature 2nd Special Session | Introduced

Texas Senate Joint Resolution 11 (Prior Session Legislation)

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.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2021-08-09 - Filed [SJR11 Detail]

Download: Texas-2021-SJR11-Introduced.html



	By: Springer	S.J.R. No. 11



	SENATE JOINT RESOLUTION
	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."