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COMMITTEE REPORT
February 19, 2003
H. 3619
S. Printed 2/19/03--H.
Read the first time February 18, 2003.
To whom was referred a Concurrent Resolution (H. 3619) to memorialize the Congress of the United States to continue to grant pension monies and Individual Retirement Accounts favorable tax treatment and repeal the provisions of the 2001 tax relief legislation which impede, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. LEACH, SR. for Committee.
TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO CONTINUE TO GRANT PENSION MONIES AND INDIVIDUAL RETIREMENT ACCOUNTS FAVORABLE TAX TREATMENT AND REPEAL THE PROVISIONS OF THE 2001 TAX RELIEF LEGISLATION WHICH IMPEDE SUCH FAVORABLE TREATMENT.
Whereas, under tax relief legislation passed in 2001, the pension and Individual Retirement Arrangement provisions will sunset on December 31, 2010; and
Whereas, although the tax-deductible contribution limit for IRA contributions will increase through December 31, 2010, IRA funding limits will actually shrink by sixty percent in 2011 if pension and Individual Retirement Arrangement provisions sunset as provided in the 2001 tax relief legislation; and
Whereas, people fifty years of age and older have been allowed tax benefits for investing additional funds in their retirement accounts annually as "catch-up" contributions, and this practice should continue because it maximizes retirement "nest eggs"; and
Whereas, pensions should be portable because the average American changes jobs ten times throughout his career span; and
Whereas, minimum distribution rules for pensions and retirement accounts should be adjusted to reflect the increase in work years and life expectancy because the population of this country enjoys a longer, more active life than that of a few generations ago and tends to spend more years in the work force. 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 continue to grant pension monies and Individual Retirement Accounts favorable tax treatment and to repeal the provisions of the 2001 tax relief legislation which impede such favorable treatment.
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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