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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 |
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 |