RESOLUTION

WHEREAS, in 1969, the United States Congress created the Alternative Minimum Tax to prevent wealthy Americans and corporations from using otherwise available deductions to reduce their income tax liability; and

WHEREAS, today, the Alternative Minimum Tax has placed an onerous burden on working middle-class families and productive companies; and

WHEREAS, any family with an annual income of more than $49,000 which deducts its state and local taxes, mortgage interest, children, and college education expenses will be subject to the Alternative Minimum Tax; and

WHEREAS, the corporate Alternative Minimum Tax targets capital-intensive industries that create jobs, raise the incomes of workers and increase the standard of living for all Americans; and

WHEREAS, corporations subject to the Alternative Minimum Tax during recessions are more likely to layoff their employees; and

WHEREAS, it is important to protect working families and productive companies from tax burdens that reduce the possibility of economic prosperity; now, therefore,

BE IT RESOLVED by the House of Representatives of the Twenty-second Legislature of the State of Hawaii, Regular Session of 2003, the Senate concurring, that the Legislature requests our elected Representatives and Senators in the United States Congress to vote to repeal the individual and corporate Alternative Minimum Tax; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to members of Hawaii's Congressional delegation.

Report Title:

Abolish Alternative Minimum Tax; request to Congressional delegation