SF 541

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                             A resolution
  1.2             memorializing Congress to abolish the alternative 
  1.3             minimum tax. 
  1.4      
  1.5      WHEREAS, in 1969 the United States Congress created the 
  1.6   alternative minimum tax to prevent wealthy Americans and 
  1.7   corporations from using otherwise available deductions to 
  1.8   eliminate their income tax liability; and 
  1.9      WHEREAS, today the alternative minimum tax has placed an 
  1.10  onerous burden on working middle-class families and productive 
  1.11  companies; and 
  1.12     WHEREAS, any family making over $49,000 and taking 
  1.13  deductions for its state and local taxes, mortgage interest, 
  1.14  children, and college education will be subject to the 
  1.15  alternative minimum tax; and 
  1.16     WHEREAS, the corporate alternative minimum tax targets 
  1.17  capital-intensive industries that create jobs, raise the incomes 
  1.18  of workers, and increase the standard of living for all 
  1.19  Americans; and 
  1.20     WHEREAS, corporations become subject to the alternative 
  1.21  minimum tax during recessions, which forces layoffs of 
  1.22  employees; and 
  1.23     WHEREAS, it is important to protect working middle-income 
  1.24  families and productive companies from tax burdens that only 
  2.1   reduce the possibility of economic prosperity instead of 
  2.2   encouraging it; NOW, THEREFORE, 
  2.3      BE IT RESOLVED by the Legislature of the State of Minnesota 
  2.4   that it urges the United States Congress to repeal the 
  2.5   individual and permanent alternative minimum tax. 
  2.6      BE IT FURTHER RESOLVED that the Secretary of State of the 
  2.7   State of Minnesota is directed to prepare copies of this 
  2.8   memorial and transmit them to the President and Vice-President 
  2.9   of the United States, the President and the Secretary of the 
  2.10  United States Senate, the Speaker and the Clerk of the United 
  2.11  States House of Representatives, and Minnesota's Senators and 
  2.12  Representatives in Congress.