HomeMy WebLinkAboutResolutions - 1982.07.01 - 13858Miscellaneous Resolution B2 I 92 July I, 1982
BY GENERAL GOVERNMENT COMMITTEE-Wallace F. Gabler, Jr., Chairperson
RE: OPPOSITION TO PROPOSED REVISIONS TO MINIMUM TAX LAW
TO THE OAKLAND 00 UNTY BOARD OF COMMISSIONERS
Mr. Chairperson, Ladies and Gentlemen:
WHEREAS, the Treasury Department of the United States Government has proposed
revisions to the minimum tax law that would require banks to odd back as a tax preference
item for purposes of calculating the minimum tax deductions taken for interest payments
on debt to buy or carry tax exempt securities; and
WHEREAS, such a requirement would reduce substantially bank demand for state
and local obligations; and
WHEREAS, banks are currently the largest institutional holders of state and local
obligations and a reduction in their demand for municipal securities would have a severe
negative impact on the municipal market.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners
goes on record as opposing the Treasury Department of the United States Government's
proposal to include debt interest deductions as a tax preference item in the calculation of banks'
minimum tax liability.
BE IT FURTHER RESOLVED that copies of this resolution be sent to the members of
Congress from Oakland County and appropriate Federal Administrators.
Chairperson, on behalf of the General Government Committee, 1 move the
adoption of the foregoing resolution.
GENERAL GOVERNMENT COMMITTEE
Wallace F. Gabler, Jr., Chairperson
#82192 July 1, 1982
this 1st day of July 1982
ALLEN
Ceun/y Clerk/Register of Deeds
Moved by Gabler supported by Perinoff the resolution be adopted.
AYES: Whitlock, Wilcox, Aaron, Caddell, Cagney, Calandro, DiGiovanni,
Doyon, Fortino, Gabler, Geary, Gosling, Hobart, Jackson, Kasper, Lanni,
McDonald, Montante, Moore, Olsen, Page, Patterson, Perinoff, Peterson, Price. (25)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I,-Lynn D. Allen, Clerk of the County of Oakland and having a seal,
• do hereby certify that I have compared the annexed copy of
Miscellaneous Resolution #82I92 adopted by the Oakland County Board of Commissioners
at their meeting held on July
with the orginial record thereof now remaining in my office, and
that it is a true and correct transcript therefrom, and of the
whole thereof.
In Testimony Whereof, I have hereunto set my hand and affixed the
seal of said County at Pontiac, Michigan