Full Text of HR0038 97th General Assembly
HR0038 97TH GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, Economic growth and increased opportunity are of | 3 | | utmost importance in this current economic downturn; and
| 4 | | WHEREAS, New commercial, residential, and affordable | 5 | | housing development plays an important role in stimulating | 6 | | economic growth, job creation, and infrastructure and | 7 | | environmental improvements in the State of Illinois; and
| 8 | | WHEREAS, New real estate development, especially in the | 9 | | commercial, residential, and affordable housing fields, plays | 10 | | an important role in maintaining property values and in | 11 | | maintaining the financial stability of units of government at | 12 | | all levels throughout the State of Illinois; and
| 13 | | WHEREAS, Many public pensions have suffered decreases in | 14 | | the value of their investment portfolios; many of those | 15 | | portfolios have investments in real estate partnerships; and
| 16 | | WHEREAS, Public-private partnerships play a key role in | 17 | | encouraging and accelerating commercial, residential, and | 18 | | affordable housing development projects, thereby helping to | 19 | | improve our nation's communities; and | 20 | | WHEREAS, There is an inherent risk associated with |
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| 1 | | commercial, residential, and affordable housing development | 2 | | projects; and
| 3 | | WHEREAS, Partnerships are widely used in real estate | 4 | | projects in order to provide flexibility in allocating risks | 5 | | and potential rewards in real estate projects; and
| 6 | | WHEREAS, Current legislative proposals in Congress, | 7 | | including H.R. 4213, would re-characterize carried interest, | 8 | | currently treated as capital gains, as ordinary income, thereby | 9 | | discouraging real estate partnerships from investing in | 10 | | Illinois; this proposal could also depress economic activity | 11 | | across our State and jeopardize the stability of property | 12 | | values and the value of any pension funds which may be invested | 13 | | in such real estate partnerships; therefore, be it
| 14 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 15 | | NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 16 | | we respectfully urge the United States Congress and the | 17 | | President of the United States to maintain the current capital | 18 | | gains tax treatment or classification for tax purposes of | 19 | | promoted or carried interest used by real estate partnerships; | 20 | | and be it further
| 21 | | RESOLVED, That suitable copies of this resolution be | 22 | | delivered to the Majority and Minority Leaders of the United |
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| 1 | | States Senate, the Speaker and Minority Leader of the United | 2 | | States House of Representatives, and each member of the | 3 | | Illinois congressional delegation.
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