88R3292 RDS-F     By: Springer S.B. No. 266       A BILL TO BE ENTITLED   AN ACT   relating to a prohibition on 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.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Chapter 101, Tax Code, is amended by adding   Section 101.010 to read as follows:          Sec. 101.010.  LIMITATION: TAXES IMPOSED ON SECURITIES   TRANSACTIONS AND ENTITIES ENGAGING IN SECURITIES TRANSACTIONS. (a)   In this section:                (1)  "Registered securities market operator" means any   of the following entities, to the extent the entity is subject to   registration with and regulation by the United States Securities   and Exchange Commission or the United States Commodity Futures   Trading Commission, or the successor in function to either   commission:                      (A)  a self-regulatory organization, financial   institution, alternative trading system, broker, dealer, clearing   agency, or transfer agent, as those terms are defined by the   Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in   effect on January 1, 2023, or a regulation adopted under that Act in   effect on that date;                      (B)  an exchange that is registered as a national   securities exchange under Section 6 of the Securities Exchange Act   of 1934 (15 U.S.C. Section 78f);                      (C)  a board of trade, commodity pool operator,   derivatives clearing organization, electronic trading facility, or   organized exchange, as those terms are defined by the Commodity   Exchange Act (7 U.S.C. Section 1 et seq.) in effect on January 1,   2023;                      (D)  an affiliate, subsidiary, or facility of an   entity described by Paragraph (A), (B), or (C); or                      (E)  an OTC reporting facility, as that term is   defined by rules promulgated by the Financial Industry Regulatory   Authority and in effect on January 1, 2023.                (2)  "Securities transaction" means the purchase or   sale of a security, a contract or agreement to purchase or sell a   security, or a service to facilitate, match parties to, process,   report, clear, or settle the purchase or sale of a security on   behalf of a customer.                (3)  "Security" has the meaning assigned by the   Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) in   effect on January 1, 2023.          (b)  Notwithstanding any other law, the legislature may not   enact a law that imposes:                (1)  an occupation tax on a registered securities   market operator; or                (2)  a tax on a securities transaction conducted by a   registered securities market operator.          (c)  This section does not prohibit:                (1)  the imposition of:                      (A)  a general business tax measured by business   activity;                      (B)  a tax on the production of minerals;                      (C)  a tax on insurance premiums;                      (D)  sales and use taxes on tangible personal   property or services; or                      (E)  a fee based on the cost of processing or   creating documents; or                (2)  a change in the rate of a tax in existence on   September 1, 2023.          SECTION 2.  This Act takes effect September 1, 2023.