Senate Joint Resolution No. 50, filed on February 3, 2025, proposes an amendment to the Texas Constitution that would prohibit the legislature from enacting laws that impose an occupation tax on registered securities market operators or taxes on securities transactions conducted by these operators. The resolution defines "registered securities market operator" to include various entities regulated by the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission, such as brokers, dealers, and exchanges. It also clarifies what constitutes a "securities transaction" and "security" based on existing federal definitions.

The proposed amendment aims to protect certain financial entities from additional taxation, thereby potentially fostering a more favorable business environment for securities transactions in Texas. It does not prevent the imposition of other types of taxes, such as general business taxes or sales taxes on tangible goods, nor does it restrict changes to existing tax rates. If approved, the amendment will be presented to voters in an election scheduled for November 4, 2025, allowing the public to decide on the proposed constitutional change.