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HJM003..............................................by REVENUE AND TAXATION
ESTATE/GIFT TAX - Stating findings of the Legislature and requesting that
Congress repeal the estate and gift tax, or increase the current exemption
substantially.
02/04 House intro - 1st rdg - to printing
02/05 Rpt prt - to Rev/Tax
02/18 Rpt out - rec d/p - to 2nd rdg
02/19 2nd rdg - to 3rd rdg
02/26 3rd rdg - ADOPTED - 62-0-8
AYES -- Alltus, Barraclough, Barrett, Bell, Bieter, Black, Bruneel,
Callister, Campbell, Chase, Clark, Crow, Cuddy, Deal, Denney,
Ellsworth, Field(13), Field(20), Gagner, Geddes, Gould, Hadley,
Hammond, Hansen(23), Henbest, Hornbeck, Jaquet, Judd, Kempton,
Kendell, Kunz, Lake, Limbaugh, Linford, Loertscher, Mader, Marley,
McKague, Meyer, Montgomery, Mortensen, Moyle, Pischner, Pomeroy,
Reynolds, Ridinger, Ringo, Robison, Sali, Schaefer, Sellman, Smith,
Smylie, Stevenson, Stone, Taylor(Taylor), Tilman, Tippets, Watson,
Williams, Wood, Zimmermann
NAYS -- None
Absent and excused -- Boe, Hansen(29), Jones, Kellogg, Stoicheff,
Trail, Wheeler, Mr Speaker
Floor Sponsor - Linford
Title apvd - to Senate
03/01 Senate intro - 1st rdg - to Loc Gov
03/11 Rpt out - rec d/p - to 10th Ord
03/12 10th ord - ADOPTED - voice vote
Title apvd - to House
03/15 To enrol
03/16 Rpt enrol - Sp signed - Pres signed
03/17 To Secretary of State
HJM003|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE HOUSE OF REPRESENTATIVES HOUSE JOINT MEMORIAL NO. 3 BY REVENUE AND TAXATION COMMITTEE 1 A JOINT MEMORIAL 2 TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES IN CONGRESS 3 ASSEMBLED, AND TO THE CONGRESSIONAL DELEGATION REPRESENTING THE STATE OF 4 IDAHO IN THE CONGRESS OF THE UNITED STATES. 5 We, your Memorialists, the House of Representatives and the Senate of the 6 State of Idaho assembled in the First Regular Session of the Fifty-fifth Idaho 7 Legislature, do hereby respectfully represent that: 8 WHEREAS, the estate and gift tax is the federal government's least sig- 9 nificant revenue source contributing approximately 1.1% of total federal reve- 10 nue and in 1998 just 1.66% of adult deaths in the United States are expected 11 to result in taxable estates; and 12 WHEREAS, a rationale for the estate and gift tax is that only the very 13 wealthy pay it, but in 1995, 54% of all estate tax revenue came from estates 14 under five million dollars and estate taxes that year fell for those with 15 estates over twenty million dollars; and 16 WHEREAS, the reason for the preceding is that careful estate planning can 17 virtually eliminate the tax, however many estate planning techniques are 18 costly and require long lead-times to implement, making the burden of the 19 estate tax often falling on those with recently acquired modest wealth such as 20 farmers and small businesses; and 21 WHEREAS, the tax can be devastating on small businesses and agricultural 22 operations and protecting these ventures from estate taxes can be costly and 23 drain resources that could be better used by the owners to upgrade and expand 24 their operations; and 25 WHEREAS, the estate and gift tax may be having unintended environmental 26 consequences as America's nonindustrial private forest owners (who own 58% of 27 America's forest land) face the untimely timber harvest and disruption of 28 established forest management programs because of the federal estate tax and 29 this is counterproductive to society's goals of sustainable forestry and envi- 30 ronmental quality and the tax may also have the unintended consequence of 31 forcing a decedent's estate to subdivide or sell all or portions of the family 32 land, that otherwise might be managed in a sustainable manner, in order to 33 meet the estate tax obligation; and 34 WHEREAS, Canada, Australia and Israel have repealed their estate taxes 35 with three policy reasons given that more people were becoming subject to the 36 tax, the relative tiny portion of revenue raised and arguments by economists 37 that the tax is counterproductive; and 38 WHEREAS, the inheritance tax is applied to property and goods that have 39 already been taxed and some economists have indicated that the gross domestic 40 product over the next seven years would be $80 billion higher if the estate 41 and gift tax were repealed. 42 NOW, THEREFORE, BE IT RESOLVED by the members of the First Regular Session 43 of the Fifty-fifth Idaho Legislature, the House of Representatives and the 44 Senate concurring therein, that we respectfully request that members of Con- 2 1 gress take a serious look at repealing the estate and gift tax or, at the very 2 least, to increasing the exemption substantially. 3 BE IT FURTHER RESOLVED that the Chief Clerk of the House of Representa- 4 tives be, and she is hereby authorized and directed to forward a copy of this 5 Memorial to the President of the Senate and the Speaker of the House of Repre- 6 sentatives of Congress, and the congressional delegation representing the 7 State of Idaho in the Congress of the United States.
STATEMENT OF PURPOSE
RS08885
This memorial is to the members of Congress and the Idaho
Congressional Delegation to seriously consider repealing the
estate and gift tax or increase the exemption substantially.
FISCAL NOTE
None
CONTACT: Rep. Golden Linford
332-1000
STATEMENT OF PURPOSE/ FISCAL NOTE Bill No. HJM 3