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S. C. R. No. 25 As IntroducedAs Introduced 128th General Assembly | Regular Session | 2009-2010 |
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Cosponsors:
Senators Buehrer, Seitz
A CONCURRENT RESOLUTION | To memorialize the Congress and the Administration of
the United States to maintain the current capital
gains tax treatment or classification for tax
purposes of promoted or carried interest used by
real estate partnerships.
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BE IT RESOLVED BY THE SENATE OF THE STATE OF OHIO (THE HOUSE OF REPRESENTATIVES CONCURRING):
WHEREAS, We, the members of the 128th General Assembly of the
State of Ohio, are committed to providing Ohioans with economic
growth and opportunity; and |
WHEREAS, Commercial and residential redevelopment and
revitalization provide important opportunities for economic
growth, job creation, and infrastructure and environmental
improvements in Ohio communities; and |
WHEREAS, Public-private partnerships play an important role
in commercial development, affordable housing, and mixed-use
projects; and |
WHEREAS, Current legislative proposals in the Congress of the
United States would change the taxation of promoted interest,
currently treated as capital gains, to ordinary income, thereby
discouraging real estate partnerships from investing in the State
of Ohio, especially in distressed communities; and |
WHEREAS, Partnerships are widely used in real estate projects
to allow the developer to carry the risk of investing in real
estate projects; and |
WHEREAS, There is entrepreneurial risk in urban
revitalization and returning brownfields and other blighted or
economically distressed areas to productive use; now therefore be
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RESOLVED, That we, the members of the 128th General Assembly
of the State of Ohio, respectfully urge the Congress of the United
States and the Administration of the United States to maintain the
current capital gains tax treatment or classification for tax
purposes of promoted or carried interest used by real estate
partnerships; and be it further |
RESOLVED, That we, the members of the 128th General Assembly
of the State of Ohio, are prepared to work with the Congress of
the United States and the Administration of the United States to
further address the economic challenges facing our nation's cities
and states; and be it further |
RESOLVED, That the Clerk of the Senate transmit duly
authenticated copies of this resolution to the President of the
United States, the Speaker and Clerk of the United States House of
Representatives, the President Pro Tempore and Secretary of the
United States Senate, the members of the Ohio Congressional
delegation, the Governor of Ohio, and the news media of Ohio. |
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