AUSTIN, TEXAS – On February 18, 2023, the Texas State Capitol was a focal point of political activity as voters made their voices heard on significant constitutional amendments.
In a decisive move, Texas voters approved a constitutional amendment aimed at prohibiting the imposition of new taxes on stock trading and related securities transactions. This measure, known as Proposition 6, was passed during a statewide election that featured a total of 17 propositions.
House Joint Resolution 4 serves as the foundation for this amendment, which explicitly prevents the state from enacting taxes on securities transactions or on individuals and entities involved in the securities market. This legislative action was prompted by discussions in other states regarding similar taxation measures during the COVID-19 pandemic, which ultimately did not succeed.
The timing of this amendment is particularly relevant as Texas prepares for the launch of the Texas Stock Exchange, signaling the state’s commitment to fostering a favorable trading environment.
The official ballot language for the amendment stated: “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.”
Information regarding the voting results was sourced from the Texas Secretary of State’s office, while details about House Joint Resolution 4 were obtained from the Texas legislature.
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