HJR 4 is not anticipated to have a fiscal impact on the state beyond the administrative cost of publishing the proposed constitutional amendment. According to the Legislative Budget Board’s fiscal note, the only identified cost is $191,689, which covers the requirement to publish the resolution ahead of the election scheduled for November 4, 2025​.

The amendment would prohibit the legislature from imposing taxes on securities transactions or occupation taxes on registered securities market operators. However, as the state currently does not levy such taxes, this resolution would not alter any existing revenue streams. Thus, it has no projected effect on state tax collections or expenditures.

Furthermore, there are no anticipated fiscal implications for local governments. Since the proposed constitutional amendment affects only types of state taxation that do not currently exist, it would not impact the budgets or operations of cities, counties, or other local taxing entities.

HJR 4 presents a clear, forward-looking effort to enshrine constitutional protections against the imposition of occupation or transaction taxes on financial market intermediaries in Texas. The impetus for the bill stems from growing national discussions on financial transaction taxes, which have been criticized for raising trading costs, reducing market liquidity, and diminishing asset values—effects that can harm all types of investors, including public pensions and retirement accounts. HJR 4 aims to shield Texas from such potential policy moves by banning these forms of taxation in advance, thereby fostering a stable and investment-friendly economic climate.

From a liberty-oriented perspective, the measure aligns closely with the principles of free enterprise and limited government. By preemptively limiting the legislature’s ability to impose targeted financial taxes, the bill ensures a more predictable regulatory and tax environment, encouraging capital investment and financial activity within the state. It also supports private property rights and individual liberty by protecting investors—large and small—from government-imposed transaction costs that could erode their financial returns.

Additionally, the fiscal implications are minimal. The Legislative Budget Board determined that the resolution would not affect current state or local revenues, as Texas does not presently impose such taxes. The only cost involved is an estimated $191,689 for publishing the proposed amendment in advance of the November 2025 election.

In sum, HJR 4 is a proactive constitutional safeguard that strengthens Texas’s business climate without fiscal downside, while reinforcing core liberty values. Its adoption would position the state against future taxation policies that could deter investment and economic growth. As such, Texas Policy Research recommends that lawmakers vote YES on HJR 4.

• Individual Liberty: The bill enhances individual liberty by preventing the imposition of taxes that could indirectly limit personal investment decisions. By constitutionally barring taxes on securities transactions, the amendment protects individual investors from government interference in their ability to buy, sell, or manage investments—whether through personal accounts, retirement funds, or other vehicles. This safeguards citizens' autonomy over their financial futures and protects long-term wealth-building strategies from punitive state taxation.
• Personal Responsibility: The resolution supports personal responsibility by ensuring that individuals remain accountable for their investment decisions without state-imposed financial barriers. In protecting access to low-cost, high-efficiency financial markets, the bill enables Texans to engage more freely in managing their own savings and retirement planning, consistent with the principle that individuals—not the government—should guide their economic well-being.
• Free Enterprise: Free enterprise is one of the biggest beneficiaries of this legislation. The bill prohibits targeted taxes on a broad class of financial service providers, including exchanges, brokers, and clearinghouses. This sends a clear signal to businesses and investors that Texas is committed to maintaining a tax structure that avoids distorting markets or penalizing financial activity. Such protections foster competition and innovation in financial services, reinforcing the state’s pro-market reputation.
• Private Property Rights: By eliminating the potential for taxation on transactions involving privately held securities, the bill strengthens protections for private property rights. It prevents the state from diminishing the value or utility of private assets through fiscal policy, thereby upholding the foundational idea that individuals have the right to control their possessions—particularly their financial assets—without undue government intrusion.
• Limited Government: The bill is a clear expression of limited government. It places a constitutional barrier between the legislature and a new category of taxation that has gained traction in other states. By doing so, it reduces the scope of legislative authority in the financial domain, aligning with the principle that the government should not expand its power absent compelling justification or public demand.

• SJR 50 (Same As)