; or (2) the value of such securities transactions. (b) Preservation of State and local taxing authority Except as provided in this section, nothing in this title shall be construed to modify, impair, or supersede, or authorize the modification, impairment, or superseding of, any State or local law pertaining to taxation that is otherwise permissible by or under the Constitution of the United States or other Federal law and in effect on the date of enactment of this Act. (c) Exception (1) In general Individual States may impose taxes and collections of those taxes on covered persons for transactions, which may have occurred within the national market system, to buy or sell securities of their own accord. (2) Covered person defined For purposes of paragraph (1) and with respect to a State, the term covered person means— (A) an individual with primary residence and domicile in that State; and (B) businesses, corporations, and other entities that— (i) are not part of the national market system