Proposing a constitutional amendment prohibiting the imposition of a tax on the realized or unrealized capital gains of an individual, family, estate, or trust.

This bill proposes a constitutional amendment (SJR 18) that would ban Texas from taxing capital gains - both when assets are sold (realized) or when their value increases without being sold (unrealized) - for individuals, families, estates, or trusts. It explicitly excludes property taxes, sales taxes on goods/services, and use taxes from this prohibition. If approved by voters in the November 2025 election, the amendment would require future Texas laws to comply with this ban on capital gains taxation. The measure directly affects taxpayers who own investments or assets subject to capital gains, but does not change existing tax types like property or sales taxes.