H.J.R. No. 4 is a joint resolution proposing 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 general business taxes or other specific taxes, such as those on mineral production or insurance premiums. If approved, the amendment will be submitted to voters in an election scheduled for November 4, 2025, allowing the public to decide on the prohibition of such taxes.