[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 20 Introduced in Senate (IS)]
1st Session
S. J. RES. 20
Expressing the sense of Congress that the number of years during which
the death tax under subtitle B of the Internal Revenue Code of 1986 is
repealed should be extended, pending the permanent repeal of the death
tax.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 23, 2003
Mr. Kyl introduced the following joint resolution; which was read twice
and referred to the Committee on Finance
_______________________________________________________________________
JOINT RESOLUTION
Expressing the sense of Congress that the number of years during which
the death tax under subtitle B of the Internal Revenue Code of 1986 is
repealed should be extended, pending the permanent repeal of the death
tax.
Whereas the death tax under subtitle B of the Internal Revenue Code of 1986
penalizes savings, results in direct and substantial harm to family
owned farms and businesses, and restricts job creation;
Whereas the death tax is one of the least cost-effective taxes in that it is
expensive to comply with, it is complex and inefficient to administer,
and it produces little Federal revenue;
Whereas small businesses provide a majority of new jobs in, and account for half
of the output of, the United States economy, and the economy cannot
achieve strong, sustained growth without the creation of new jobs by
family owned and operated businesses;
Whereas the Economic Growth and Tax Relief Reconciliation Act of 2001, which was
passed by Congress on a bipartisan basis, provided substantial relief
from the death tax beginning in 2002 and repeals the death tax for the
year 2010;
Whereas the Economic Growth and Tax Relief Reconciliation Act of 2001 includes a
``sunset'' provision that reinstates the death tax in 2011 at the rates
in effect prior to the enactment of that Act;
Whereas the reinstatement of the death tax 1 year after it is repealed has
caused great uncertainty and confusion in efforts to manage and plan for
efficient generational transfers of family businesses, farms, and other
assets;
Whereas the permanent repeal of the death tax has been endorsed overwhelmingly
by over 100 business organizations, including organizations as diverse
as the Black Chamber of Commerce, the National Indian Business
Association, and Women Impacting Public Policy; and
Whereas not less than 4 times over a 2-year period, the House of Representatives
has voted on a bipartisan basis to make the repeal of the death tax
permanent: Now, therefore, be it
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That it is the sense of
Congress that the number of years during which the death tax under
subtitle B of the Internal Revenue Code of 1986 is repealed should be
extended, pending the permanent repeal of the death tax.
<all>