South Carolina General Assembly
115th Session, 2003-2004

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H. 4495

STATUS INFORMATION

House Resolution
Sponsors: Reps. W.D. Smith and Wilkins
Document Path: l:\council\bills\gjk\20812sd04.doc
Companion/Similar bill(s): 924

Introduced in the House on January 13, 2004
Adopted by the House on January 28, 2004

Summary: Memorialize Congress to enact legislation providing for lifetime and retirement savings accounts

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/13/2004  House   Introduced HJ-99
   1/13/2004  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-99
   1/20/2004  House   Committee report: Favorable Invitations and Memorial 
                        Resolutions HJ-12
   1/21/2004  House   Debate adjourned HJ-20
   1/22/2004  House   Debate adjourned HJ-33
   1/28/2004  House   Adopted HJ-23

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/13/2004
1/20/2004

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

COMMITTEE REPORT

January 20, 2004

H. 4495

Introduced by Reps. W.D. Smith and Wilkins

S. Printed 1/20/04--H.

Read the first time January 13, 2004.

            

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a House Resolution (H. 4495) to memorialize the Congress of the United States to enact legislation to provide for lifetime and retirement, 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 HOUSE RESOLUTION

TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO ENACT LEGISLATION TO PROVIDE FOR LIFETIME AND RETIREMENT SAVINGS ACCOUNTS.

Whereas, personal savings of working Americans continues to decline and is now at dangerously low levels; and

Whereas, personal savings of working Americans is not enough to pay for current catastrophic expenses or supplement the modest benefits derived from Social Security; and

Whereas, savings provides the financing of new capital investment and job creation, which in turn, increases the standard of living for all Americans; and

Whereas, double taxation of savings and complexity of current savings incentives are so complex, many working Americans are not participating; and

Whereas, enactment of lifetime savings accounts will allow Americans to contribute up to seven thousand five hundred dollars a year and make penalty-free withdrawals at any time for any purpose; and

Whereas, enactment of retirement savings accounts will allow Americans to contribute up to seven thousand five hundred dollars a year and make penalty-free withdrawals after age fifty-eight; and

Whereas, enactment of lifetime and retirement savings accounts will eliminate the double taxation of savings and simplify existing savings programs to increase participation; and

Whereas, eliminating the double taxation of savings and simplifying current incentives will boost savings for all Americans and enhance the economic security of working families. Now, therefore,

Be it resolved by the House of Representatives:

That the members of the House of Representatives of the State of South Carolina, by this resolution, memorialize the Congress of the United States to enact legislation to provide for lifetime and retirement savings accounts.

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

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