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1
HOUSE RESOLUTION

 
2    WHEREAS, Economic growth and increased opportunity are of
3utmost importance in this current economic downturn; and
 
4    WHEREAS, New commercial, residential, and affordable
5housing development plays an important role in stimulating
6economic growth, job creation, and infrastructure and
7environmental improvements in the State of Illinois; and
 
8    WHEREAS, New real estate development, especially in the
9commercial, residential, and affordable housing fields, plays
10an important role in maintaining property values and in
11maintaining the financial stability of units of government at
12all levels throughout the State of Illinois; and
 
13    WHEREAS, Many public pensions have suffered decreases in
14the value of their investment portfolios; many of those
15portfolios have investments in real estate partnerships; and
 
16    WHEREAS, Public-private partnerships play a key role in
17encouraging and accelerating commercial, residential, and
18affordable housing development projects, thereby helping to
19improve our nation's communities; and
 
20    WHEREAS, There is an inherent risk associated with

 

 

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1commercial, residential, and affordable housing development
2projects; and
 
3    WHEREAS, Partnerships are widely used in real estate
4projects in order to provide flexibility in allocating risks
5and potential rewards in real estate projects; and
 
6    WHEREAS, Current legislative proposals in Congress,
7including H.R. 4213, would re-characterize carried interest,
8currently treated as capital gains, as ordinary income, thereby
9discouraging real estate partnerships from investing in
10Illinois; this proposal could also depress economic activity
11across our State and jeopardize the stability of property
12values and the value of any pension funds which may be invested
13in such real estate partnerships; therefore, be it
 
14    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
15NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
16we respectfully urge the United States Congress and the
17President of the United States to maintain the current capital
18gains tax treatment or classification for tax purposes of
19promoted or carried interest used by real estate partnerships;
20and be it further
 
21    RESOLVED, That suitable copies of this resolution be
22delivered to the Majority and Minority Leaders of the United

 

 

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1States Senate, the Speaker and Minority Leader of the United
2States House of Representatives, and each member of the
3Illinois congressional delegation.