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Bill 4535

                    Current Status

Bill Number:                      4535
Type of Legislation:              Concurrent Resolution CR
Introducing Body:                 House
Introduced Date:                  20020117
Primary Sponsor:                  Quinn
All Sponsors:                     Quinn, Allison, Klauber, Barrett, Cato, 
                                  Frye, Huggins, Keegan, Koon, Riser, Sandifer, 
                                  Taylor, Trotter, Walker, Witherspoon and 
                                  A. Young
Drafted Document Number:          l:\council\bills\skb\18149zcw02.doc
Residing Body:                    House
Current Committee:                Invitations and Memorial Resolutions 
                                  Committee 24 HIMR
Subject:                          Death tax, congressional delegation 
                                  requested to support the repeal of


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020117  Introduced, referred to Committee      24 HIMR


              Versions of This Bill

REQUESTING THE CONGRESSIONAL DELEGATION OF THE STATE OF SOUTH CAROLINA WORK TO PERMANENTLY REPEAL THE DEATH TAX.

Whereas, under tax relief legislation passed in 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 of trying to make a better life; and

Whereas, farmers will face losing their farms if the federal government resumes the heavy taxation of the estates of people who invested most of their earnings back into their farms; and

Whereas, employees suffer when they lose their jobs because many 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Whereas, if the estate tax had been repealed in 1996, over the next nine years the United States economy would have averaged as much as eleven billion dollars per year in extra output, and an average of one hundred forty-five thousand 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 repeal; and

Whereas, having passed both the United States House of Representatives and the U.S. Senate, elimination of the death tax has proven to hold wide bipartisan support. Now, therefore,

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

That the members of the General Assembly of the State of South Carolina, by this resolution, request our elected representatives in the United States Congress support, work to pass, and vote for the permanent repeal of the death tax.

Be it further resolved that a copy of this resolution be forwarded to

each member of the South Carolina Congressional Delegation.

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