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HCR 58
As Introduced

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H. C. R. No. 58 As Introduced

As Introduced

130th General Assembly

Regular Session

2013-2014

H. C. R. No. 58

Representative Sprague

Cosponsors: Representatives Beck, Derickson, Sheehy, Stebelton, Thompson

A CONCURRENT RESOLUTION

To urge the President and the Congress of the United States to preserve the tax-exempt status of municipal bonds.

BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF OHIO
(THE SENATE CONCURRING):

       WHEREAS, A fundamental principle of tax-exempt financing is the ability of local governments to issue bonds that are free from federal taxation in order to raise capital to finance infrastructure projects that are vital to our nation, such as road, bridge, hospital, school, and utility system projects; and

       WHEREAS, The exclusion of interest on state and local obligations from federal gross income is an important financing tool at a time when building and rebuilding infrastructure is required to meet federal mandates, promote community growth, and support economic development programs that are critical to the state and local economies of our nation; and

       WHEREAS, The federal tax exemption is part of a more-than-century-old system of reciprocal immunity under which owners of municipal bonds are not required to pay state and federal income tax on the interest they receive from municipal bonds; and

       WHEREAS, The federal tax exemption provides a significant difference between public sector and private sector debt financing; and

       WHEREAS, The benefits of lower capital costs attributable to tax-exempt financing include reduced property tax rates for taxpayers, greater local investments, or both; and

       WHEREAS, From time to time the President and the Congress of the United States have proposed legislation to tax or alter the federal exemption of interest earned on municipal bonds; now therefore be it

       RESOLVED, That we, the members of the 130th General Assembly of the State of Ohio, oppose any effort to eliminate or limit the federal tax exemption on interest earned on municipal bonds, and urge the President, and any future administration, and the Congress of the United States, to retain the current tax-exempt status of municipal bonds; and be it further

       RESOLVED, That the Clerk of the House of Representatives 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, each member of the Ohio Congressional delegation, and the news media of Ohio.