The constitutional amendment prohibiting the imposition of a tax on the realized or unrealized capital gains of an individual, family, estate, or trust.
The 2025 Explanatory Statements for the November 4, 2025 Constitutional Amendment Election document from the Texas Secretary of State website includes the following information:
SJR 18 [Proposition 2] proposes a constitutional amendment to prohibit the legislature from imposing a tax on the realized or unrealized capital gains of an individual, family, estate, or trust. This prohibition would include a tax on the sale or transfer of a capital asset that is payable by an individual, family, estate, or trust selling or transferring the asset. The proposed amendment would not prohibit the imposition or change in the rate of an ad valorem tax on property; a sales tax on the sale of goods or services; or a use tax on the storage, use, or other consumption in this state of goods or services.
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