The constitutional amendment prohibiting the legislature from enacting a law imposing an occupation tax on certain entities that enter into transactions conveying securities or imposing a tax on certain securities transactions.
The 2025 Explanatory Statements for the November 4, 2025 Constitutional Amendment Election document from the Texas Secretary of State website includes the following information:
HJR 4 [Proposition 6] proposes a constitutional amendment to prohibit the legislature from enacting a law that imposes an occupation tax on a registered securities market operator or a tax on a securities transaction conducted by a registered securities market operator. The proposed amendment would 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 sales and use tax on tangible personal property or services, or a fee based on the cost of processing or creating documents. The proposed amendment would also not prohibit a change in the rate of a tax in existence on January 1, 2026.
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