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92_HR0614
LRB9213469OBsb
1 HOUSE RESOLUTION
2 WHEREAS, Puerto Rico, a self-governing commonwealth in
3 association with the United States, has suffered over 24,000
4 net job losses since 1996, which makes Puerto Rico the U.S.
5 jurisdiction with the largest percentage decline in
6 manufacturing jobs; and
7 WHEREAS, The Governor of Puerto Rico is proposing a
8 federal tax incentive to stimulate investment and job
9 creation in Puerto Rico; and
10 WHEREAS, This proposal is in HR 2550, The Economic
11 Revitalization Tax Act of 2001, that was introduced in
12 Congress July 18, 2001; and
13 WHEREAS, The Economic Revitalization Act of 2001 contains
14 amendments to Section 956 of the United States Internal
15 Revenue Code to provide tax incentives for U.S. companies
16 doing business in Puerto Rico to remain in Puerto Rico,
17 instead of leaving for competing foreign countries, and to
18 promote sustained economic development, job creation, and the
19 repatriation of capital in Puerto Rico; and
20 WHEREAS, The revenue loss to the U.S. Treasury from the
21 "Section 956 amendments" will be significantly less than an
22 extension of the current tax incentive (Section 30A) which
23 will expire in 2005; and
24 WHEREAS, Enactment of the "Section 956 amendments" is in
25 the best interests of the United States and Puerto Rico;
26 therefore be it
27 RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
28 NINETY-SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
29 we support the "Section 956 Amendments" to the United States
30 Internal Revenue Code contained in HR 2550 and urge the
31 United States Congress and the President to enact those
-2- LRB9213469OBsb
1 provisions into law; and be it further
2 REVOLVED, That copies of this resolution be sent to the
3 Speaker of the House of Representatives, Dennis Hastert, the
4 Senate Majority leader, Thomas Daschle, the President of the
5 United States, George W. Bush, and to each member of the
6 Illinois congressional delegation.