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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.
No fiscal implication to the State is anticipated.
HB 3702 would prohibit the enactment of any law after January 1, 2022 that imposes an occupation tax upon a Registered Securities Market Operator or a tax upon a securities transaction of a Registered Securities Market Operator.
The resolution does not prohibit the imposition of a general business tax measured by business activity; a tax on the production of minerals; a tax on insurance premiums; a general sales tax on tangible personal property or services; a fee based on the cost of processing documents; or the change of a rate of a tax in existence on January 1, 2022.
Texas Action supports HB 3702 which is consistent with our principles of limited government and individual liberty.