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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
|||| 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
2 STATING FINDINGS OF THE LEGISLATURE AND AUTHORIZING THE LEGISLATIVE COUNCIL TO
3 APPOINT A COMMITTEE TO UNDERTAKE AND COMPLETE A STUDY OF THE TAXATION OF
4 CAPITAL GAINS DISTRIBUTIONS.
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
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.
Contact
Name: Representatives Crow and Moyle
Phone: (208)332-1000
STATEMENT OF PURPOSE/FISCAL NOTE
HCR 55