Bill Text: OH SCR25 | 2009-2010 | 128th General Assembly | Enrolled

---

Bill Title: To memorialize the Congress and the Administration of

Spectrum: Partisan Bill (Republican 16-0)

Status: (Engrossed - Dead) 2010-05-27 - Passed 3rd Consideration House [SCR25 Detail]

Download: Ohio-2009-SCR25-Enrolled.html

---

As Adopted by the Senate

128th General Assembly Regular Session 2009-2010

S. C. R. No. 25

Senator Gibbs 

Cosponsors: Senators Buehrer, Seitz, Schuring, Schaffer, Carey, Coughlin, Gillmor, Goodman, Grendell, Harris, Hughes, Jones, Patton, Wagoner, Widener 

---

A CONCURRENT RESOLUTION

To memorialize the Congress and the Administration of

1

the United States to maintain the current capital

2

gains tax treatment or classification for tax

3

purposes of promoted or carried interest used by

4

real estate partnerships.

5

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	6
State of Ohio, are committed to providing Ohioans with economic	7
growth and opportunity; and	8

WHEREAS, Commercial and residential redevelopment and	9
revitalization provide important opportunities for economic	10
growth, job creation, and infrastructure and environmental	11
improvements in Ohio communities; and	12

WHEREAS, Public-private partnerships play an important role	13
in commercial development, affordable housing, and mixed-use	14
projects; and	15

WHEREAS, Current legislative proposals in the Congress of the	16
United States would change the taxation of promoted interest,	17
currently treated as capital gains, to ordinary income, thereby	18
discouraging real estate partnerships from investing in the State	19
of Ohio, especially in distressed communities; and	20

WHEREAS, Partnerships are widely used in real estate projects	21
to allow the developer to carry the risk of investing in real	22
estate projects; and	23

WHEREAS, There is entrepreneurial risk in urban	24
revitalization and returning brownfields and other blighted or	25
economically distressed areas to productive use; now therefore be	26
it	27

RESOLVED, That we, the members of the 128th General Assembly	28
of the State of Ohio, respectfully urge the Congress of the United	29
States and the Administration of the United States to maintain the	30
current capital gains tax treatment or classification for tax	31
purposes of promoted or carried interest used by real estate	32
partnerships; and be it further	33

RESOLVED, That we, the members of the 128th General Assembly	34
of the State of Ohio, are prepared to work with the Congress of	35
the United States and the Administration of the United States to	36
further address the economic challenges facing our nation's cities	37
and states; and be it further	38

RESOLVED, That the Clerk of the Senate transmit duly	39
authenticated copies of this resolution to the President of the	40
United States, the Speaker and Clerk of the United States House of	41
Representatives, the President Pro Tempore and Secretary of the	42
United States Senate, the members of the Ohio Congressional	43
delegation, the Governor of Ohio, and the news media of Ohio.	44