HomeMy WebLinkAboutCity of Tamarac Resolution R-90-086Temp. Reso. #5749
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-90-�
A RESOLUTION OPPOSING SENATE BILL 1654
IMPOSING A CAPITAL GAINS TAX ON PENSION
FUND ASSETS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, Senate Bill 1654 would impose a 10% capital gains
tax on Pension Fund assets held under 30 days and a 5% tax on
assets held less than 180 days; and
WHEREAS, such a tax would increase the cost of employee
benefit programs maintained by State and local governments and
adversely impact the present existing Pension Funds; and
WHEREAS, the management of pension assets to accommodate the
proposed tax impacts would detrimentally influence Pension Fund
asset management and liquidations;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
TAMARAC, FLORIDA:
SECTION 1: It is the considered opinion of the City Council
of the City of Tamarac that Senate Bill 1654 would not be in the
best interests of the existing employee Pension Funds nor in the
best interest of local governments in the nation.
Therefore, our elected representatives are respectfully requested
to oppose the Bill.
PASSED, ADOPTED AND APPROVED this vZg day Of 1990.
ATTEST:
G
CAROL A. E ANS
CITY CLERK
I HEREBY CERTIFY that I
have approved this
RESOLUTION as rte--form.
INTERIM CITY ATTORNEY
NORMAN ABRAMOWITZ
MAYOR
RECORD OF, COMMI DOTE
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DISTRICT, 1: 80 µROF-
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