By: Paddie, Meyer, Tinderholt H.B. No. 3702         (Senate Sponsor - Springer)          (In the Senate - Received from the House May 5, 2021;   May 13, 2021, read first time and referred to Committee on Finance;   May 21, 2021, reported favorably by the following vote:  Yeas 12,   Nays 0; May 21, 2021, sent to printer.)Click here to see the committee vote     A BILL TO BE ENTITLED   AN ACT     relating to prohibiting the enactment of a law that imposes a tax on   certain transactions that either convey a security or involve   specified derivative contracts.          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.  PROVISIONS RELATING TO SECURITIES MARKET   OPERATORS. (a) After January 1, 2022, no law may be enacted that   imposes an occupation tax on a registered securities market   operator or a tax on a securities transaction of a registered   securities market operator.          (b)  The term "registered securities market operator" means   a self-regulatory organization, national securities exchange,   financial institution, alternative trading system, trade reporting   facility, broker, dealer, clearing agency, or transfer agent, as   those terms are defined in the Securities Exchange Act of 1934 (15   U.S.C. 78a et seq.) or a board of trade, commodities pool operator,   derivatives clearing organization, electronic trading facility, or   organized exchange, as that term is defined in the Commodity   Exchange Act (7 U.S.C. Section 1 et seq.), or an affiliate,   subsidiary, or facility thereof, to the extent that such regulated   securities market operator is subject to registration with and   regulation by the U.S. Securities and Exchange Commission or the   U.S. Commodities Futures Trading Commission.          (c)  The term "security" or "securities" means the   definition of that term set forth in the Securities Exchange Act of   1934 (15 U.S.C. Section 78c(a)(10)).          (d)  The term "securities transaction" means the purchase or   sale of securities by a registered securities market operator on   behalf of a customer, any contract or agreement to do the same, and   any service by a registered securities market operator to   facilitate, match parties to, process, report, clear, or settle the   purchase or sale of securities on behalf of a customer.          (e)  This section does not prohibit:                (1)  the imposition of a general business tax measured   by business activity;                (2)  the imposition of a tax on the production of   minerals;                (3)  the imposition of a tax on insurance premiums;                (4)  the imposition of a general sales tax on tangible   personal property or services;                (5)  the imposition of a fee based on the cost of   processing documents; or                (6)  the change of a rate of a tax in existence on   January 1, 2022.          SECTION 2.  This Act takes effect January 1, 2022, but only   if the constitutional amendment proposed by the 87th Legislature,   Regular Session, 2021, to authorize the legislature to prohibit the   enactment of a law that imposes a tax on certain transactions that   either convey a security or involve specified derivative contracts   is approved by the voters. If that amendment is not approved by the   voters, this Act has no effect.     * * * * *