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Senate committee advances constitutional amendment barring new taxes on securities transfers
Summary
The Committee on Finance reported favorably HJR4, a proposed constitutional amendment that would prohibit the Legislature from imposing new taxes on the transfer of securities or the processing of financial transactions; sponsors said the change would protect investors and encourage financial-industry investment in Texas.
The Senate Committee on Finance voted to report favorably HJR4, a resolution proposing a constitutional amendment to prohibit the legislature from imposing new taxes on transfers of securities or processing of financial transactions.
Senator Brandon Parker, sponsor, told the committee the measure is intended to protect retirees and other investors from potential financial-transaction taxes that could reduce returns. "HJR4 proposes a constitutional amendment that prohibits the legislature from imposing new taxes on the transfer of securities or the processing of financial transactions," Parker said, framing the proposal as a tool to send a market signal that Texas is open for financial services investment.
Committee members described the proposal as part of a broader effort to attract market infrastructure to Texas; Senator Bettencourt said the amendment would create a level of comfort that "Texas is the place to do business when it comes to finance and capital markets." No public testimony opposing the resolution was recorded.
The committee recorded a roll-call vote to report the resolution favorably to the full Senate. Tally: 9 ayes, 0 nays. The resolution will be printed and reported to the full Senate for further consideration.
Ending: Sponsors said the constitutional amendment would provide certainty for investors and could influence decisions by exchanges and financial-services firms considering operations in Texas.
