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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.
No fiscal implication to the State is anticipated, other team the cost of publication.
The cost to the state for publication of the resolution is $178,333.
HJR 140 proposes a constitutional amendment to 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 HJR 140 which is consistent with our limited government and individual liberty principles.