2002 Legislation
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HOUSE CONCURRENT RESOLUTION NO. 55 – Tax/capital gains distributn/study


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Daily Data Tracking History

HCR055..............................................by REVENUE AND TAXATION
CAPITAL GAINS DISTRIBUTION - STUDY - Stating findings of the Legislature
and authorizing the Legislative Council to appoint a committee to undertake
and complete a study of the taxation of capital gains distributions.
02/13    House intro - 1st rdg - to printing
02/14    Rpt prt - to Rev/Tax
02/20    Rpt out - rec d/p - to 2nd rdg
02/21    2nd rdg - to 3rd rdg
02/27    3rd rdg - ADOPTED - 65-1-4
      AYES -- Aikele, Barraclough, Barrett, Bedke, Bell, Black, Block, Boe,
      Bolz, Bradford, Bruneel, Callister, Campbell, Clark, Collins, Crow,
      Cuddy, Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13),
      Field(20), Gould, Hadley, Hammond, Harwood, Henbest, Higgins,
      Hornbeck, Jaquet, Jones, Kellogg(Duncan), Kendell, Kunz, Lake,
      Langford, Loertscher, Mader, Martinez, McKague, Meyer, Montgomery,
      Moyle, Pearce, Pischner, Pomeroy, Raybould, Ridinger, Roberts,
      Robison, Sali, Schaefer, Sellman, Shepherd, Smith(33), Smylie,
      Stevenson, Stone, Trail, Wheeler, Wood, Young, Mr. Speaker
      NAYS -- Bieter
      Absent and excused -- Gagner, Mortensen, Smith(23), Tilman
    Floor Sponsor - Crow
    Title apvd - to Senate
02/28    Senate intro - 1st rdg - to St Aff

Bill Text

  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-sixth Legislature                  Second Regular Session - 2002
                              IN THE HOUSE OF REPRESENTATIVES
                             HOUSE CONCURRENT RESOLUTION NO. 55
                             BY REVENUE AND TAXATION COMMITTEE
  1                               A CONCURRENT RESOLUTION
  5    Be It Resolved by the Legislature of the State of Idaho:
  6        WHEREAS, the Legislature has amended the law regarding the income taxation
  7    of capital gains distributions in recent years; and
  8        WHEREAS, the economic ramifications of a change in the taxation of capital
  9    gains distributions by its nature is complicated and far reaching and needs to
 10    be fully studied so that no unintended consequences occur as a result; and
 11        WHEREAS,  there  are many stakeholders in any revisions of the taxation of
 12    capital gains distributions; and
 13        WHEREAS, the Legislature wants to ensure that essential governmental oper-
 14    ations are not jeopardized as a result of a change in the taxation of  capital
 15    gains distributions; and
 16        WHEREAS,  the subject of taxation of capital gains distributions is suffi-
 17    ciently complex that it would be desirable for an interim committee to  review
 18    and make further recommendations.
 19        NOW,  THEREFORE,  BE IT RESOLVED by the members of the Second Regular Ses-
 20    sion of the Fifty-sixth Idaho Legislature, the House  of  Representatives  and
 21    the  Senate  concurring therein, that the Legislative Council is authorized to
 22    appoint a committee to undertake and complete a study of the  income  taxation
 23    of  capital gains distributions and what would be the optimal tax structure on
 24    the distributions to encourage economic growth, encourage long term investment
 25    in our economy and provide a stable tax structure for  necessary  governmental
 26    services.  The  Legislative  Council shall determine the number of legislators
 27    and membership from each house appointed to the committee and shall  authorize
 28    the  committee  to  receive  input,  advice and assistance from interested and
 29    affected parties who are not members of the legislature.
 30        BE IT FURTHER RESOLVED that nonlegislative members of the committee may be
 31    appointed by the cochairs of the committee who are appointed by  the  Legisla-
 32    tive  Council.  Nonlegislative  members of the advisory committee shall not be
 33    reimbursed from legislative funds for per diem, mileage or other expenses  and
 34    shall  not have voting privileges regarding the committee's recommendations or
 35    proposed legislation.
 36        BE IT FURTHER RESOLVED that the committee shall report its findings,  rec-
 37    ommendations and proposed legislation, if any, to the First Regular Session of
 38    the Fifty-seventh Idaho Legislature.

Statement of Purpose / Fiscal Impact

                       STATEMENT OF PURPOSE

                             RS 12068

The purpose of this resolution is to set up a committee to complete a
study of the taxation of capital gains distributions.

                          FISCAL IMPACT

If this resolution is adopted by the Legislature and the committee is
appointed by Legislative Council, any necessary legislator travel and
per diem expense would be paid from the existing legislative
appropriation to the Senate and the House of Representatives. Funding
from staff support and expenses would be provided from the existing
appropriation to the Legislative Council for the Legislative Services
Office. There would be no additional impact upon the state general
fund as a result of this resolution.

Name: Representatives Crow and Moyle
Phone:  (208)332-1000

                                                    HCR 55