The proposed joint resolution seeks to amend the Texas Constitution by adding a new section that prohibits 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.

Additionally, the resolution specifies that while the legislature cannot impose these taxes, it does not prevent the imposition of other types of taxes, such as general business taxes or sales taxes on tangible goods and services. The proposed amendment is set to be submitted to voters for approval in an election scheduled for November 4, 2025, allowing the public to decide on the prohibition of these specific taxation measures related to securities transactions.