South Carolina General Assembly
115th Session, 2003-2004

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H. 3621

STATUS INFORMATION

Concurrent Resolution
Sponsors: Rep. W.D. Smith
Document Path: l:\council\bills\dka\3238dc03.doc

Introduced in the House on February 18, 2003
Introduced in the Senate on February 26, 2003
Currently residing in the Senate Committee on Finance

Summary: Congress asked to abolish alternative minimum tax

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   2/18/2003  House   Introduced HJ-2
   2/18/2003  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-2
   2/19/2003  House   Committee report: Favorable Invitations and Memorial 
                        Resolutions HJ-7
   2/20/2003  House   Debate adjourned until Tuesday, February 25, 2003 HJ-31
   2/20/2003          Scrivener's error corrected
   2/26/2003  House   Adopted, sent to Senate HJ-28
   2/26/2003  Senate  Introduced SJ-19
   2/26/2003  Senate  Referred to Committee on Finance SJ-19

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/18/2003
2/19/2003
2/20/2003

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

February 19, 2003

H. 3621

Introduced by Rep. W.D. Smith

S. Printed 2/19/03--H.    [SEC 2/20/03 3:12 PM]

Read the first time February 18, 2003.

            

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a Concurrent Resolution (H. 3621) to memorialize the Congress of the United States to abolish the alternative, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. LEACH, SR. for Committee.

            

A CONCURRENT RESOLUTION

TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO ABOLISH THE ALTERNATIVE MINIMUM TAX.

Whereas, in 1969, the United States Congress created the Alternative Minimum Tax to prevent wealthy Americans and corporations from using otherwise available deductions to reduce their income tax liability; and

Whereas, today the Alternative Minimum Tax has placed an onerous burden on working middle-class families and productive companies; and

Whereas, any family with an annual income of more than forty-nine thousand dollars which deducts its state and local taxes, mortgage interest, children, and college education will be subject to the Alternative Minimum Tax; and

Whereas, the Corporate Alternative Minimum Tax targets capital-intensive industries that create jobs, raise the incomes of workers, and increase the standard of living for all Americans; and

Whereas, corporations subject to the Alternative Minimum Tax during recessions are more likely to lay off their employees; and

Whereas, it is important to protect working families and productive companies from tax burdens that reduce the possibility of economic prosperity. Now, therefore,

Be it resolved by the House of Representatives, the Senate concurring:

That the members of the General Assembly, by this resolution, memorialize the Congress of the United States to abolish the Alternative Minimum Tax.

Be it further resolved that a copy of this resolution be forwarded to the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.

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