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Home My WebLink AboutR-81-0171i RESOLUTION NO. PERMITTTINGOTAXUPPORTING EXEMPTIONFRAL ONFPERSONALSLATION SAVINGS t_' > ACCOUNTS OF UP TO $5,000 PROVIDED THE FUNDS -'� ARE USED FOR FIRST TIME HOME PURCHASES; FURTHER DIRECTING THE CITY CLERK TO FORWARD COPIES OF THIS RESOLUTION TO CERTAIN DESIG- NATED PUBLIC OFFICIALS. WHEREAS, the City Commission has determined there exists a substantial financial incapacity on the part of many who would be first time home purchasers in purchasing homes due to the recent inflationary spiral in housing costs; and WHEREAS. the City Commission has determined the amelioration of this problem to be of great importance to the stability of the City; NOW, THEREFORE, BE IT RESOLVED BY THE COI`MISSION OF THE CITY OF MIAMI, FLORIDA Section 1. The United States Congress is hereby urged to support and pass the necessary legislation to allow for tax exemption on savings accounts up to $5,000 for the purpose of making initial home purchases. Section 2. The State of Florida's Congressional Dele- gation is hereby urged to support such legislation at the Federal level. Section 3. The City Clerk is hereby directed to forward copies of the herein Resolution to all members of the Florida Congressional Delegation. PASSED AND ADOPTED this 17 day of__ MARCH 1981. MAURICE A. FERRE_ fE - , 1,1A1JRICE A. FERRE , MAYOR LPH 0 GIE, CITY CLERK Pk4fARFJ A;jD APWVED BY- APPROVED AS TO FORM AND CORRECTNESS: AISISTANT CITY ATTORNEY` lac ` �� •r /� !-vT1��E ROBERT F. CLARK --- -- ACTING CITY ATTQRjqIET.r)"'kVS,QN "DOCUMENT INDEX; r I T F PA k O. 14 ..........� r CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM • TO THE HONORABLE MEMBERS DATE June 18, 1981 F �F OF THE CITY COMMISSION A:E;. Letters from U. S. Senators �y Lawton Chiles & Paula Hawkins FF--. 7fPH G. ONGIP �.t.�. Es Resolutions Nos. 81-171 & 81-172 CLERK o--;;« As requested by the City Commission at the meeting of March 17, 1981, Resolutions Nos. 81-171 & 81-172 with a cover letter were sent to all members of the Florida Conaressional Delegation. Enclosed please find the response from U. S. Senators Lawton Chiles and Paula Hawkins to said letters and resolutions. RGO: smm Enclosures (2) LAWTON CHILES MORIDA 'sUnif eb ziale's zenctle April 28, 1981 Ms. Matty Hirai Assistant City Clerk City of Miami 3500 Pan American Drive Miami, Florida 33133 Dear Ms. Hirai: COMMIT MS, APPROPRIATIONS BUDGET GOVERNM_ ENTAL ArVAIRS SPECIAL COMMITTEE ON AGING DEMOCRATIC STEERING COMMITTEE Thank you for providing me with copies of Resolution 171 and 172 regarding incentives for new housing development. I appreciate knowing of the City Commissions concerns in this area. Saving and investment are key components of economic growth and ultimately, the health of our nation's economy. If our economy is to grow and prosper, increasing capital formation is essential. A number of bills have been introduced in the 97th Congress which are designed to encourage the investment necessary for economic recovery. The proposals include legislation to reduce the tax on capital gains, to provide accelerated depreciation schedules, as well as to increase the tax exemption on interest and dividend earnings. Senator Dole has also introduced legislation in the Senate which would provide a deduction for contributions to savings accounts established to save for the purchase of a first home. I'm very interested in all of these proposals. I feel strongly that at this critical. point in our nation's economy we need to carefully target tax reforms to stimulate our declining productivity and encourage investment without fueling inflation. It is possible that the Senate Finance Committee will prepare a single, comprehensive investment incentive package comprised of the best proposals introduced in the Senate. Although I am not a member of the Committee, I intend to monitor their work in this area closely. T wi11. he mindful of the Commission's concerns as pertinent tax reform legislation comes before the ful.l Senate for review. I have also noted your concern over revenue procedure 80-55 which would have affected the tax treatment of deposits in fin- ancial institutions secured by tax exempt obligations. You'll be glad to learn that IRS withdrew the proposed procedure on April 8. DV'�J?;`.-�.�`'�J Ms. Matty Hirai April 28, 1981 Page 2 Again, let me thank you for contacting me. The views of the Miami Commission are helpful to me in my evaluation of legisla- tive issues. I hope that you will continue to keep me informed of the Commission's concerns throughout the 97th Congress. 14ith kind regards, I am Most sinP4�ely, ES LC/idc <<SU n;1TI VE DCCS FOLLOW, PAULA MAWKINS FLORIDA 'Afnifeb Zfafez Zenafe WASHINGTON, D.C. 20510 Matty Ili rai Assistant City C.lerk City of Miami (It -rice of tilt City Clerk Ci ty IkI 1 t .1500 ['.in Amcri can Drive Miami , Florida 33133 Dear Matty: Thank yOu ror yolll, letter Concerning IegiSIatiOil permittino i i- rlallcial institutions to deduct as a business expelise illterest pa i d on t ime depos i is l�h i cil are secilrcd by pl edges or tax exempt secIIyitics, The bill you lrlcntion was ret-erred to the Senate 1 inance Committee on .I;Inuary 211, 1981 , and i s pond info in that cornnli ttee 1 sh;r rc y011r c011cern ror rile solvency of localities; please he assured 1 bill !oive your views every consideratioll lihell the mi a`ill'e is 1'0- ported to the Senate floor. thank you for your letter. Please keel) in touch, liccrc�t.,-, f';Ii17. Ifawkins [In itcc) States Selmfor M� CITY OF MIAMI. FLORIDA INTEROFFICE MEMORANDUM TO THE HONORABLE MEMBERS THE CITY CCOMMMM(�IISSION FLP G. ONGIE TY CLERK Ci ATE April 3, 1981 FILE -E,- Letter from Mr. William Lehman, Member of the U. S. Congress On March 27, 1981, and as requested by the City Commission, our office forwarded Resolutions Nos. 81-171 and 81-172 pas- sed and adopted by the City Commission at its meeting held on March 17, 1981 to all dignitaries named in Section 3 of said resolutions. Enclosed herein please find the response from Representative [William Lehman. RGO : smm Enclosure "SUr"PORTIVE GL:sL,,lul►1ENTS TOLLOW11 WILLIAM LEHMAN ism DIm1ICT, FtARIOA 4 COMMIT7ttt APPROPRIATIONS BUBCOMMIT'rn ON FDREION MRATIONS SUBCOMMITTEE ON TRANSPOIITATION 6LBCOMmirm ON DISTRICT OP OOWMBIA F. (Congras; of the Vniteb atateg jDoage of Aepregentatwo M49binaton, D.C. 20515 Mr. Matty Hirai Assistant City Clerk City of Miami 3500 Pan American Drive Miami, Florida 33133 Dear Mr. Hirai: April 1, 1981 WA#M"*TON 00, IC AM RAYUMN HOUSE OIW-9 BWLDINO WAamp OTON, O.C. 20913 (202) 9194211 DISTRICT O"ICEt 2020 NE. 1630 ST M NORTH MIAMI BEACH, FLORIDA 33162 (105) 943-7310 PLEASE REPLY TO DISTRICT OFFICE ❑ Your letter and the attached copies of resolutions adopted by the City of Miami Commission have been received. I have already introduced legislation, H.R. 1725, to increase to $500 the amount of dividends and interest each individual may exclude from gross income and to make such exclusion permanent. If legislation incorporating your suggestion to exempt up to $5,000 when the funds are used for first time home purchases comes to the House floor, I will certainly give it every consideration. I too am concerned about the critical shortage of rental housing in Miami, and have already cosponsored H.R. 2053, the Real Estate Construction and Rehabilitation Incentives Act of 1981. The purpose of this bill is to restore rental housing construction and rehabilitation to an attractive investment opportunity. Thank you for bringing these resolutions to my attention, and with best wishes, I am Sincerely, I W I LM LEHMAN Member of Congress I WL/nab !: " u! L U "SUPPORTIVE DC.� 1 `t' i t... ty FOLLOW THIS STATIONERY PRINTED ON PAPER MADE WITH RECYC"O FIBERS March 27, 1981 Dear Enclosed herein please find copies of Resolutions Nos. 81-171 and 81-172 passed and adopted by the City of. Miami Commission at its meeting held on ;larch 17, 1981 in connection with "Tax Exemption on Personal Savings Accounts of Up to $5,000" and "Restoration of Federal Tax Benefits to Rental Housing Producers and Owners" respectively. On behalf of the City, thank you, for your continued cooperation. Doi: smm Enclosures (2) Very truly yours, ;TATTY HIRAI Assistant City Clerk OTE: This format was sent to: U. S. Senators Lawton Chiles & Paula Hawkins U. S. Congressmen William Lwhman, Claude D. Pepper and Dante B. Fascell <<SuOTlVE D ri / , n,,11 E N I- S FLLLO" W WILLIAM LEHMAN WASHINGTON OFFICEt Ift" DISTRICT, FLORIDA 2341 RAYBURN HOUSE OFFICE BUILDING WASHINGTON. D.C. 20S15 COMMITTEE: (202) 2254211 APPROPRIATIONS �ortgreg� tjertite�tate� of DISTRICT OFFICE. SUBCOMMITTEE ON j1puze of Reprezentatim 2020 NE. 163D STREET NORTH MIAMI BEACH. FLORIDA 33162 FOREIGN OPERATIONS (305)945-7519 SUBCOMMITTEE ON TRANSPORTATION ��jj!!�� ,�yyG Mobittg3B ton, .C. 20515 PLEASE REPLY TO DISTRICT OFFICE ❑ SUBCOMMITTEE ON DISTRICT OF COLUMBIA April 1, 1981 Mr. Matty Hirai Assistant City Clerk City of Miami 3500 Pan American Drive Miami, Florida 33133 Dear Mr. Ilirai: Your letter and the attached copies of resolutions adopted by the City of Miami Commission have been received. I have already introduced legislation, II.R. 1725, to increase to $500 the amount of dividends and interest each individual may exclude from gross income and to make such exclusion permanent. If legislation incorporating your suggestion to exempt up to $5,000 when the funds are used for first time home purchases comes to the House floor, I will certainly give it every consideration. I too am concerned about the critical shortage of rental housing in Miami, and have already cosponsored II.R. 2053, the steal Estate Construction and Rehabilitation Incentives Act of 1981. The purpose of this bill is to restore rental housing construction and rehabilitation to an attractive investment opportunity. Thank you for bringing these resolutions to my attention, and with best wishes, I am 1 WL/nab Sincerely, a WILLIAM LEHMAN Member of Congress NE DvL: FU 0VV') THIS STATIONERY PRINTED ON PAPER MADE WITH RECYCLED FIBERS Richard L. Fosmoen Cit Manager na Sp llm Director Department of Community Development 1 February 26, 1981 Resolution - Tax Exemption On Personal Savings Accounts Up To $5 , 000 City Commission Agenda Item It is recommended that the City Commission approve the attached resolution supporting federal legislation permitting tax exemption on personal savings accounts of up to 55,000 provided the funds are listed for first time home purchasers. Effectively blocking many would be home purchasers from becoming home owners is the initial capital outlay required. This problem has been exacerbated in recent years by inflation in housing costs requiring more and more dollars for down payments, etc. Several housing interest groups have called for federal legislation allowing for tax free status on savings accounts used to make first time housing purchases. The attached resolution supports favorable federal action on this matter and requests the support of Florida's Federal Legislators. Approval of this resolution is requested. /so