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SCR 25
As Reported by Senate Committee

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S. C. R. No. 25 As Reported by the Senate Ways and Means and Economic Development Committee

As Reported by the Senate Ways and Means and Economic Development Committee

128th General Assembly

Regular Session

2009-2010

S. C. R. No. 25

Senator Gibbs

Cosponsors: Senators Buehrer, Seitz, Schuring, Schaffer

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.

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 it

       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.