Bill Text

Bill Information


Add To My Favorites | print page

AJR-26 Alternative minimum tax.(2003-2004)

SHARE THIS: share this bill in Facebook share this bill in Twitter
AJR26:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2003–2004 REGULAR SESSION

Assembly Joint Resolution
No. 26

Introduced  by  Assembly Member Haynes
 (Coauthor(s): Assembly Member Aghazarian, Bates, Bogh, Cogdill, Dutton, La Suer, Maze, Mountjoy, Pacheco, Samuelian, Strickland)
 (Coauthor(s): Senator Aanestad, Ackerman, Battin, Denham, Hollingsworth, Knight, Margett)

March 28, 2003

Relative to the alternative minimum tax.


LEGISLATIVE COUNSEL'S DIGEST


AJR 26, as introduced, Haynes. Alternative minimum tax.
This measure would memorialize the President of the United States and the Congress to support legislation that would permanently repeal the alternative minimum tax.
Fiscal Committee: NO  
WHEREAS, In 1969 the Congress of the United States created the alternative minimum tax to prevent wealthy Americans and corporations from using otherwise available deductions to unduely 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 making over $49,000 that takes a deduction for state and local taxes, mortgage interest, dependents, 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 become subject to the alternative minimum tax during recessions, forcing layoffs of the employees; and
WHEREAS, It is important to protect working middle-income families and productive companies from tax burdens that only reduce the possibility of economic prosperity instead of encourage it; now, therefore, be it
Resolved by the Assembly and Senate of the State of California, jointly, That the Legislature of the State of California memorializes the President and the Congress of the United States to support legislation introduced in Congress that would permanently repeal the alternative minimum tax; and be it further
Resolved, That the Chief Clerk of the Assembly transmit copies of this resolution to the President and Vice President of the United States, to the Speaker of the House of Representatives, to the Majority Leader of the Senate, and to each Senator and Representative from California in the Congress of the United States.