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3 RESOLUTION NO. 11,172
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5 A RESOLUTION IN SUPPORT OF A ONE MONTH
6 PAYROLL TAX HOLIDAY; AND FOR OTHER PURPOSES.
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8 WHEREAS, the National Bureau of Economic Research recently announced
9 that the economy had slipped into recession in March 2001; and
10 WHEREAS, Congress is considering a one -month payroll tax holiday in 2002
11 as part of a stimulus to benefit the economy; and
12 WHEREAS, City savings for one month's social security payment would be
13 6.2% of payroll, or $154,825.94, while non - uniformed employees would save 6.2% or,
14 for example: $71.54 ($15,000), $95.38 ($20,000); and $143.08 ($30,000) for one
15 month; and
16 WHEREAS, the Board of Directors supports a one -month payroll tax holiday.
17 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
18 DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
19 1 SECTION l . The Board of Directors supports a one month payroll tax holiday
20 in 2002. The City Manager shall forward a copy of this resolution to the Arkansas
21 Congressional Delegation forthwith.
22 ADOPTED: December 4, :2001
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24 ATTEST: APPROVED:
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NA CY ' OD JI AILEY
27 CITY CLERK M OR
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29 7APPR VED A S TO FORM:
30 -o-w-�
31 THOMAS M. CARPENTE
CITY ATTORNEY
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