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Senate committee forwards resolution proposing permanent capital‑gains tax exemption to voters
Summary
The Committee on Finance voted to refer SJR 18, a joint resolution to amend the Texas Constitution to permanently exempt capital gains from taxation, to the full Senate with a favorable recommendation (10 ayes, 1 nay). Sponsor said the amendment would make capital‑gains exemption perpetual until voters decide otherwise.
Chair Huffman recognized Senator Perry to lay out SJR 18, a joint resolution to amend the Texas Constitution to exempt capital gains from taxation.
Senator Perry said, “SJR 18 exempt permanently in statute by constitutional amendment that capital gains will not be taxed in Texas.” When Senator West asked whether the exemption would be “in perpetuity,” Senator Perry replied, “In perpetuity until the voters chose to undo that.”
The nut graf: the resolution would place a constitutional amendment before Texas voters to establish a permanent ban on taxing capital gains at the state level, removing that revenue source “in perpetuity” unless voters later reverse it.
During brief remarks, Senator Perry characterized the exemption as consistent with existing state policy and framed it as a factor in attracting residents. There was no public testimony on SJR 18 and Senator Perry moved that it be referred to the full Senate with a recommendation that it pass. The clerk called the roll and the committee recorded 10 ayes and 1 nay; the committee advanced the resolution to the full Senate with a favorable recommendation.
Ending: The committee advanced SJR 18 to the full Senate; the transcript records no committee amendments or further conditions and no public witnesses testified for or against the measure.
