LEGISLATIVE RESOLUTION memorializing the United States Congress to enact
legislation repealing the Alternative Minimum Tax ("AMT")

WHEREAS, The federal AMT was originally enacted in 1970 to ensure that
all U.S. taxpayers paid at least a minimum amount of tax; and
WHEREAS, At first, the AMT only applied to high-income households who
avoided paying taxes either because of their type of income or their
special deductions and/or credits; and
WHEREAS, In recent years, the AMT has negatively impacted more and
more New York State taxpayers, especially the middle class, because the
AMT exemption amounts and rate brackets are not indexed for inflation;
and
WHEREAS, The AMT is a tax that is calculated separately and eliminates
many standard credits and deductions, thereby increasing the tax liabil-
ity for a person who would otherwise pay less tax; and
WHEREAS, The Brookings Institution has noted that the AMT affected 1
million U.S. taxpayers in 1999 and projections estimate that the AMT
will affect 33 million U.S. taxpayers in 2010, with the 2010 projections
showing the AMT affecting 37% of households with income between $50,000
and $75,000 and affecting 73% of households with income between $75,000
and $100,000, thereby constituting a future dramatic impact on middle
class New Yorkers; and
WHEREAS, New York State has the highest State and local tax burden
per-capita in the United States with New York middle class households
already suffering from this crushing tax burden even before they
confront the AMT; and
WHEREAS, A repeal of the AMT would at least lessen the crushing tax
burden on hard-working New Yorkers; now, therefore, be it
RESOLVED, That the Congress of the United States be and hereby is
respectfully memorialized by this Legislative Body to enact legislation
repealing the AMT; and be it further
RESOLVED, That copies of this Resolution, suitably engrossed, be tran-
smitted to the President of the Senate of the United States, the Speaker
of the United States House of Representatives, and to each member of the
Congress of the United States from the State of New York.