MISSISSIPPI LEGISLATURE
2003 Regular Session
To: Rules
By: Representative Formby, Baker, Chism, Denny, Ellington, Fillingane, Howell, Ishee, Jennings, Lott, Martinson, Moore (60th), Nicholson, Roberson, Robertson, Smith (35th)
A CONCURRENT RESOLUTION REQUESTING THE CONGRESSIONAL DELEGATION OF THE STATE OF MISSISSIPPI TO SUPPORT LEGISLATION TO PERMANENTLY REPEAL THE DEATH TAX PROVISIONS UNDER THE ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001.
WHEREAS, under the estate tax provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001, the death tax was temporarily phased out, not permanently eliminated; and
WHEREAS, women and minorities are very often owners of small and medium-sized businesses, and the death tax prevents their children from reaping the rewards of a lifetime trying to make a better life; and
WHEREAS, farmers and other small businesses will face losing their farms and businesses if the federal government resumes the heavy taxation of citizens at death; and
WHEREAS, employees suffer when they lose their jobs when small and medium-sized businesses are liquidated to pay death taxes and because high capital costs depress the number of new businesses that could offer them a job; and
WHEREAS, if the estate tax had been repealed in 1996, over the next nine years the U.S. economy would have averaged as much as $11 billion per year in extra output, and an average of 145,000 additional new jobs would have been created; and
WHEREAS, the persistent uncertainty created by the sunset provision prevents families and small businesses from taking advantage of the temporary repeal; and
WHEREAS, having repeatedly passed both the U.S. House of Representatives and the U.S. Senate, elimination of the death tax has proven to hold wide bipartisan support; and
WHEREAS, this Legislature supports legislation that will bolster economic growth by providing certainty through permanent tax relief, which will benefit families and small and medium-sized businesses:
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF MISSISSIPPI, THE SENATE CONCURRING THEREIN, That we request our congressional delegation to support legislation to permanently repeal the death tax provisions under the Economic Growth and Tax Relief Reconciliation Act of 2001.
BE IT FURTHER RESOLVED, That copies of this resolution be furnished to the Mississippi Congressional Delegation and members of the Capitol Press Corps.