[Congressional Record Volume 142, Number 80 (Tuesday, June 4, 1996)]
[Extensions of Remarks]
[Pages E981-E982]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           CASTLETON HOSE CO. CELEBRATES 125 YEARS OF SERVICE

                                 ______


                        HON. GERALD B.H. SOLOMON

                              of new york

                    in the house of representatives

                         Tuesday, June 4, 1996

  Mr. SOLOMON. Mr. Speaker, anyone who visits my office can't help but 
notice the display of fire helmets that dominates my reception area. 
They're there for two reasons. First, I had the privilege of being a 
volunteer fireman in my hometown of Queensbury for more than 20 years, 
which helps explain the second reason, the tremendous respect that 
experience gave me for those who provide fire protection in our rural 
areas.
  Mr. Speaker, in a rural area like the 22d District of New York, fire 
protection is often solely in the hands of these volunteer companies. 
In New York State alone they save countless lives and billions of 
dollars worth of property. That is why the efforts of people like those 
fire fighters in Castleton, NY is so critical.
  And that's why, Mr. Speaker, in their wisdom, the Castleton Village 
Board and Board President Frank P. Harder proposed starting the 
Castleton Fire Department back in the spring of 1871. Later that 
summer, the first engine House was completed on what is now the corner 
of Green Avenue and 1st street in Castleton. Clearly, they recognized 
the importance of protecting the lives and property of their friends 
and neighbors and established two hose companies to do just that.
  On that note, Mr. Speaker, those are the traits that make me most 
fond of such communities, the undeniable camaraderie which exists among 
neighbors. Looking out for one another and the good of the whole is 
what makes places like Castleton a great place to live and raise a 
family. And this concept of community service couldn't be better 
exemplified than by the devoted service of the fine men and women who 
have comprised the Castleton Fire Co. over its 125 year history. That's 
right, for well over a century, this organization has provided critical 
services for the citizens on a volunteer basis. As a former volunteer 
fireman myself, I understand, and appreciate, the commitment required 
to perform such vital public duties.
  Mr. Speaker, It has become all too seldom that you see fellow 
citizens put themselves in harms way for the sake of another. While 
almost all things have changed over the years, thankfully for the 
residents of Castleton, the members of their fire department have 
selflessly performed their duty, without remiss, since Abe VanBuren 
took the post as the first Fire Chief back in 1871.
  You know, I have always said there is nothing more all-American than 
volunteering to help one's community. By that measure, Mr. Speaker, the 
members of the Castleton Fire Company, past and present, are truly 
great Americans. It will be my distinct pleasure to join the community 
of Castleton, this Saturday, June 8, 1996, in a parade and tribute to 
their fire department and the selfless sacrifices of its members over 
the course of the last 125 years. In that regard, I ask that you Mr. 
Speaker, and all members of the House, join me now in paying tribute to 
these dedicated men and women.

[[Page E982]]



           INTRODUCTION OF THE HOMEOWNERS RELIEF ACT OF 1996

                                 ______


                           HON. SUE W. KELLY

                              of new york

                    in the house of representatives

                         Tuesday, June 4, 1996

  Mrs. KELLY. Mr. Speaker, I rise today to introduce the Homeowners 
Relief Act, legislation to provide homeowners with relief from capital 
gains taxes upon the sale of their principal residence.
  This legislation recognizes that a person's home is something more 
than a simple investment; it's a fundamental part of the American 
dream, and our Tax Code should recognize this fact. The bill exempts 
the sale of a principal residence from capital gains taxation. 
Specifically, the bill excludes from taxation the gains from the sale 
of a principal residence if, during the 7-year period prior to the sale 
of the residence, the property was owned by the taxpayer and used as 
the taxpayer's principal residence for 5 or more years.
  Under current law, capital gains liability on the sale of a principal 
residence is postponed if another residence of equal or greater value 
is purchased within 2 years. In addition, taxpayers 55 years of age or 
older may claim a one-time $125,000 exclusion of the gain from the sale 
of a principal residence during any 3 of 5 years immediately preceding 
the sale. Further, taxpayers can also avoid capital gains on owner-
occupied housing by holding the asset until death and leaving it to 
their heirs.
  While these exemptions serve to shield most homeowners from capital 
gains liability, certain circumstances force many homeowners to 
shoulder a significant capital gains tax bite when they sell their 
home. Increased home values put many taxpayers, particularly older 
Americans looking to retire, in the difficult situation of having to 
pay substantial capital gains taxes. In addition, at a time when 
corporate downsizing is all too common, often the most substantial 
asset held by laid-off workers is their home.
  The problem is, current law has the effect of locking individuals 
into homes that, but for the Tax Code, they might wish to sell. Those 
individuals who can afford to purchase a more expensive home can 
postpone capital gains liability, while those who need to move to more 
modest accommodations, because their economic circumstances warrant 
doing so, must pay a tax.
   Mr. Speaker, passage of this legislation will give homeowners needed 
relief from this inequity, and will put recognition in the Tax Code of 
the special status of the home. I urge my colleagues to join me in 
supporting the Homeowners Relief Act of 1996.

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