The proposed joint resolution, S.J.R. No. 50, seeks to amend the Texas Constitution by adding Section 30 to Article VIII, which 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, as well as their affiliates and subsidiaries. It also clarifies what constitutes a "securities transaction" and "security" based on existing federal definitions.

The resolution allows for certain exceptions, such as the imposition of general business taxes, taxes on mineral production, insurance premiums, sales and use taxes on tangible personal property or services, and fees related to document processing. Additionally, it permits changes to existing tax rates as of January 1, 2026. If approved, this constitutional amendment will be presented to voters in an election scheduled for November 4, 2025, allowing them to decide whether to support the prohibition on such taxes.