Ballot initiatives approved by Texas voters on November 4 banned the imposition of state estate and inheritance taxes, and tax on unrealized capital gains. Proposition 8, the measure that bans estate/inheritance taxes, was a constitutional amendment. Proposition 2, also a constitutional amendment, forbids imposition of tax on gains in the value of capital assets when those gains have not been realized (the asset sold).

Also approved by Texas voters in the off-year November elections was Proposition 6, a ballot measure creating a state constitutional amendment that forbids legislation to create new taxes on securities transactions (e.g., stock trading). Proposition 6 also forbids new taxes on those who work in the securities market, including financial institutions, brokers and dealers.

NAIFA Staff Contact: Diane Boyle – Senior Vice President – Government Relations, at dboyle@naifa.org or Bianca Alonso Weiss – Director – Government Relations, at bweiss@naifa.org.