State of Illinois
92nd General Assembly
Legislation

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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.

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