HomeMy WebLinkAboutResolution 847 T T T�9 1
MSOLUTION :ILL N-0• _5306
A Resolution
WHEREAS, the City of Fort Worth recognizes that the demand by
commercial banks for tax-exempt securities is crucial to the municipal
bond market; and
WHEREAS, the United States Senate Finance Committee and the House
Ways and Means Committee are currently discussing the administration's
proposed Corporate Minimum Income Tax; and
WHEREAS, this proposal contains a feature which would partially
disallow the interest deductions banks now receive by subjecting those
interest expenses to a fifteen percent minimum income tax; and
WHEREAS, this feature would greatly reduce the attractiveness of
tax-exempt securities to commercial banks and would result in such banks
reducing their holdings of municipal securities on the order of twenty-
five to thirty percent - resulting in increased tax-exempt interest costs
to municipalities;
NOW, THERFORE BE IT RESOLVED, by the City Council of the City of
Fort Worth, Texas, that the City and its duly elected officials are opposed
r to any minimum income tax which will directly or indirectly affect the
tax-exempt bond market and thus increase the cost to local government of
borrowing money to finance needed capital improvements.
Passed and Approved by the City Council of the City of Fort Worth, Texas,
this day of 1982.
Mayor, City of Fort Worth, Texas
ATTEST:
City Secretary, City of Fort Worth, Texas
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