Texas Prohibit New Taxes on Securities Transactions and Operators Amendment (2021)

Texas Prohibit New Taxes on Securities Transactions and Operators Amendment

Election date
November 2, 2021
Topic
Taxes
Status
Not on the ballot
Type
Constitutional amendment| Origin
State legislature

* * *

The Texas Prohibit New Taxes on Securities Transactions and Operators Amendment was not on the ballot in Texas as a legislatively referred constitutional amendment on November 2, 2021.[1]

This amendment would have amended the Texas Constitution to prohibit the state legislature from enacting new taxes on securities transactions and operators.[2]

## Contents

* 1 Text of measure
* 1.1 Constitutional changes
* 2 Path to the ballot
* 3 See also
* 4 External links
* 5 Footnotes

## Text of measure[edit]

### Constitutional changes[edit]

See also: Article 8, Texas Constitution

The measure would have added section 30 to Article 8 of the state constitution. The following underlined text would have been added and ~~struck-through~~ text would have been deleted:[2] Note: Use your mouse to scroll over the below text to see the full text.

Sec. 30. (a) After January 1, 2022, no law may be enacted that imposes an occupation tax on a registered securities market operator or a tax on 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 Commodity Exchange Act (7 U.S.C. Section 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. Section 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.

(e)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.

[3]

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## Path to the ballot[edit]

See also: Amending the Texas Constitution

To put a legislatively referred constitutional amendment before voters, a two-thirds (66.67 percent) supermajority vote is required in both the Texas State Senate and the Texas House of Representatives.

This amendment was filed as House Joint Resolution 140 (HJR 140) on March 22, 2021. On May 4, 2021, the state House passed HJR 140 in a vote of 135-5, with 10 absent or not voting. HJR 140 did not receive a vote by the Senate before the legislative session adjourned on May 31, 2021.[1]

| Vote in the Texas House of Representatives
May 4, 2021

Requirement: Two-thirds (66.67 percent) vote of all members in each chamber
Number of yes votes required: 100 a
| Yes| No| Not voting
Total| 135| 5| 10
Total percent| 90.0%| 3.3%| 6.7%
Democrat| 58| 4| 5
Republican| 77| 1| 5

## See also[edit]

2021 measures

* 2021 ballot measures
* Taxes on the ballot
* 2021 legislative sessions

Texas

* Texas ballot measures
* Texas ballot measure laws

News and analysis

* Ballot measure lawsuits
* Ballot measure readability
* Ballot measure polls

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## External links[edit]

* Full text of HJR 140

## Footnotes[edit]

1. ↑ 1.0 1.1 Texas State Legislature, "House Joint Resolution 140 Overview," accessed May 5, 2021
2. ↑ 2.0 2.1 Texas State Legislature, "House Joint Resolution 140 Text," accessed May 5, 2021
3. ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.

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