The exclusion of certain securities transaction payments from the total revenue of a taxable entity that is a registered securities market operator

Texas House Bill 3684, introduced in March 2025, proposes excluding certain payments from securities transactions from the total revenue calculations of taxable entities that are registered securities market operators. This exclusion aims to adjust the franchise tax burden for these entities by not counting specific transaction-related payments as part of their revenue. The bill was sponsored by Representatives Giovanni Capriglione, Angie Button, and Linda Garcia. After being introduced, the bill was laid on the table subject to call on April 28, 2025, and was considered in lieu of Senate Bill 1058. ([legiscan.com](https://legiscan.com/TX/bill/HB3684/2025?utm_source=openai))

While specific media coverage on HB 3684 is limited, the bill's intent to adjust the franchise tax burden for securities market operators could be viewed positively by the financial industry. By excluding certain transaction-related payments from revenue calculations, the bill may alleviate tax pressures on these entities, potentially fostering a more favorable business environment.

Conversely, the exclusion of specific payments from revenue calculations might be perceived negatively by those advocating for a broader tax base. Critics could argue that such exclusions may reduce state tax revenues, potentially impacting funding for public services. However, without direct media coverage, these reactions remain speculative.