Texas HJR 4: Proposing a constitutional amendment authorizing the denial of bail under some circumstances to a person accused of a violent or sexual offense or of continuous trafficking of persons.

Bill Text

89(R) HJR 4 - Enrolled version - Bill Text

  

  

  
 H.J.R. No. 4

  

  

   

 A JOINT RESOLUTION

  

 proposing a constitutional amendment prohibiting the enactment of a 

  

 law imposing an occupation tax on certain entities that enter into 

  

 transactions conveying securities or imposing a tax on certain 

  

 securities transactions.

  

        BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:

  

        SECTION 1.  Article VIII, Texas Constitution, is amended by 

  

 adding Section 30 to read as follows:

  

        Sec. 30.  (a)  In this section:

  

              (1)  "Registered securities market operator" means any 

  

 of the following entities, to the extent the entity is subject to 

  

 registration with and regulation by the United States Securities 

  

 and Exchange Commission or the United States Commodity Futures 

  

 Trading Commission, or the successor in function to either 

  

 commission:

  

                    (A)  a self-regulatory organization, financial 

  

 institution, broker, dealer, clearing agency, or transfer agent, as 

  

 those terms are defined by the Securities Exchange Act of 1934 (15 

  

 U.S.C. Section 78a et seq.) in effect on January 1, 2025;

  

                    (B)  an exchange that is registered as a national 

  

 securities exchange under Section 6 of the Securities Exchange Act 

  

 of 1934 (15 U.S.C. Section 78f);

  

                    (C)  an alternative trading system, board of 

  

 trade, commodity pool operator, derivatives clearing organization, 

  

 electronic trading facility, or organized exchange, as those terms 

  

 are defined by the Commodity Exchange Act (7 U.S.C. Section 1 et 

  

 seq.) in effect on January 1, 2025;

  

                    (D)  an affiliate, subsidiary, or facility of an 

  

 entity described by Paragraph (A), (B), or (C); or

  

                    (E)  a trade reporting facility regulated under 

  

 rules promulgated by the Financial Industry Regulatory Authority 

  

 and in effect on January 1, 2025.

  

              (2)  "Securities transaction" means the purchase or 

  

 sale of a security, a contract or agreement to purchase or sell a 

  

 security, or a service to facilitate, match parties to, process, 

  

 report, clear, or settle the purchase or sale of a security on 

  

 behalf of a customer.

  

              (3)  "Security" has the meaning assigned by the 

  

 Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in 

  

 effect on January 1, 2025.

  

        (b)  The legislature may not enact a law that imposes:

  

              (1)  an occupation tax on a registered securities 

  

 market operator; or

  

              (2)  a tax on a securities transaction conducted by a 

  

 registered securities market operator.

  

        (c)  This section does not prohibit:

  

              (1)  the imposition of:

  

                    (A)  a general business tax measured by business 

  

 activity;

  

                    (B)  a tax on the production of minerals;

  

                    (C)  a tax on insurance premiums;

  

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