HJR 35 am: Relating to urging the United States Congress to amend the tax code to permanently repeal the estate tax.
00 HOUSE JOINT RESOLUTION NO. 35 am 01 Relating to urging the United States Congress to amend the tax code to permanently 02 repeal the estate tax. 03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 WHEREAS, under tax relief legislation passed in 2001, the federal estate and 05 generation-skipping transfer tax (the "estate tax") was temporarily repealed, not permanently 06 eliminated; and 07 WHEREAS women and minorities very often are owners of small- and medium-sized 08 businesses and have spent their lifetimes trying to make better lives for their children, and the 09 estate tax frequently prevents their children from reaping the rewards of those efforts; and 10 WHEREAS farmers who have invested most of their earnings back into their farms 11 face losing those farms under the federal government's heavy taxation of estates; and 12 WHEREAS employees suffer when they lose their jobs because many small- and 13 medium-sized businesses are liquidated to pay estate taxes and because high capital costs 14 depress the number of new business that could offer them jobs; and 15 WHEREAS, if the estate tax had been repealed in 1996, over the next nine years, the 16 U.S. economy would have averaged as much as $11,000,000,000 a year in extra output, and
01 an average of 145,000 additional new jobs a year would have been created; and 02 WHEREAS the persistent uncertainty created by the sunset provision prevents 03 families and small businesses from taking advantage of the repeal; and 04 WHEREAS elimination of the estate tax has proven to hold wide bipartisan support; 05 BE IT RESOLVED by the Alaska State Legislature that the members of the Alaska 06 delegation to the Congress of the United States are requested to support, work to pass, and 07 vote for the permanent repeal of the estate tax. 08 COPIES of this resolution shall be sent to the Honorable Ted Stevens and the 09 Honorable Frank Murkowski, U.S. Senators, and the Honorable Don Young, U.S. 10 Representative, members of the Alaska delegation in Congress.