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Bill

HJR 4

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.

89th Legislature (2025) Introduced by Rafael Anchía and 15 co-sponsors

Texas constitutional amendment permanently bans state taxes on securities transactions and occupation taxes on securities trading entities.

Filed with the Secretary of State
#financial--general(i0365) #resolutions--constitutionalamendments(i0661) #taxation--general(i0815) #taxation--occupationtax(i0813)
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Bill Summary · HJR 4

Legislative bill overview

HJR 4 proposes a constitutional amendment to prohibit Texas from enacting taxes on securities transactions or occupation taxes on entities that engage in securities trading. The amendment would require voter approval through a statewide referendum to be added to the Texas Constitution.

Why is this important

This amendment would permanently shield securities trading activity from state taxation, preventing future legislatures from imposing financial transaction taxes or similar levies. Such restrictions can significantly limit state revenue options during fiscal crises while affecting the state's ability to fund public services.

Potential points of contention

  • Revenue implications: Permanently restricts a potential revenue source that could fund education, infrastructure, or other state services, potentially increasing reliance on other taxes
  • Market competitiveness argument: Proponents argue it prevents Texas from being less attractive to financial firms; critics counter that securities taxes are rare and this addresses a non-existent threat
  • Constitutional rigidity: Embedding specific tax prohibitions in the constitution makes future policy adjustments difficult without another amendment, limiting legislative flexibility

Compiled from official sources — confirm details with the bill’s official record.

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