HR0915 96TH GENERAL ASSEMBLY

HR0915 LRB096 18403 HLH 33781 r

HOUSE RESOLUTION

WHEREAS, Owners of small businesses and farms, their families, their employees, and their livelihoods are all being whipsawed by the upheavals in the federal estate tax laws; and

WHEREAS, The current federal estate tax is on "holiday" and will remain at 0.0% until December 31, 2010; on January 1, 2011 the federal estate tax is to be reinstated at a rate of 55% on all estates greater than $1 million; and

WHEREAS, Owners of small businesses and farms in the State of Illinois will be adversely affected if the federal estate tax is reinstated because of the high federal rate, which is much higher than the current State of Illinois estate tax rate; and

WHEREAS, The "holiday" on the federal estate tax should be made a permanent "holiday" by abolishing the federal estate tax altogether; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge Congress to completely abolish the federal estate tax, protecting affected farms and small businesses; and be it further

RESOLVED, That a suitable copy of this resolution be presented to the each member of the Illinois congressional delegation.