Texas Legislature Proposes Constitutional Amendment Banning Taxes on Capital Gains

The Texas legislature approved a joint resolution proposing a constitutional amendment prohibiting the imposition of a tax on the realized or unrealized capital gains of an individual, family, estate, or trust. The proposed amendment will be submitted to voters at an election to be held Nov. 4, 2025, and would take effect Jan. 1, 2026, if approved. [S.J.R. 18, approved 05/07/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.