House advances HJR 4 to bar securities-transaction taxes after floor debate and failed amendments

House Joint Resolution 4, proposing a constitutional amendment to prohibit the Legislature from imposing taxes on securities transactions or imposing an occupation tax on registered securities market operators, was debated on the House floor and adopted by the chamber.

The measure’s author, Representative Meyer, told members HJR 4 would bar what supporters called potential ‘‘financial transaction’’ taxes and would be placed on the November 4, 2025, ballot for voter approval. Representative Meyer moved passage after explaining the resolution.

Representative Ana-Maria Rodriguez Ramos (identified in the debate as Rodriguez Ramos) offered a sequence of amendments aimed at carving out exceptions or limiting the ban. Her first amendment would have exempted the ban for transactions over $10,000,000 so future lawmakers could tax very large trades; she described that carve-out as protecting the option to target ultra‑large speculative transactions while shielding ordinary investors. That amendment was rejected in a record vote. A second amendment focusing on high‑frequency trading and a later amendment proposing a sunset/renewal in 2034 likewise failed in recorded roll calls.

Representative Rodriguez Ramos argued repeatedly that the measure would permanently remove one potential future revenue source and that doing so could increase pressure on regressive taxes such as property and sales taxes. Representative Wu questioned Rodriguez Ramos on whether closing options for future revenue would increase reliance on property taxes; Rodriguez Ramos affirmed that concern during her exchanges on the floor.

Representative Meyer opposed the amendments and said the amendment proposals would create loopholes or undermine the bill’s purpose of keeping Texas ‘‘business friendly.’’ After debate and the failed amendment votes, Representative Meyer moved final passage. The clerk reported a recorded vote and the resolution was adopted by the House.

Votes at a glance - Rodriguez Ramos amendment (carve‑out for transactions over $10,000,000): record vote reported as 57 ayes, 89 nays, 1 present not voting; amendment failed. - Rodriguez Ramos amendment on high‑frequency trading: record vote reported as 58 ayes, 88 nays; amendment failed. - Rodriguez Ramos amendment to sunset the ban in 2034: record vote reported as 57 ayes, 87 nays; amendment failed. - Final adoption of HJR 4: recorded in the transcript as "There being a 11 ayes and 31 nays, the HJR is adopted." (transcript language retained as read on the floor).

Context Supporters framed HJR 4 as a preemptive protection to keep Texas attractive to financial markets and to prevent the creation of a new state or local revenue source that might deter market operators. Opponents said the amendment would constitutionally remove a policy tool that future legislatures might need in a severe budget shortfall and would exacerbate the state’s reliance on regressive revenue streams.

No further fiscal detail or legislative text beyond the floor explanations was included in the transcript. The House will transmit the adopted joint resolution for placement on the ballot as described by the author.