Full Text of SR0081 97th General Assembly
SR0081 97TH GENERAL ASSEMBLY |
| | SR0081 | | LRB097 10635 GRL 51033 r |
|
| 1 | | SENATE 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 |
| | | SR0081 | - 2 - | LRB097 10635 GRL 51033 r |
|
| 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 would | 7 | | re-characterize carried interest, currently treated as capital | 8 | | gains, as ordinary income, thereby discouraging real estate | 9 | | partnerships from investing in Illinois; this proposal could | 10 | | also depress economic activity across our State and jeopardize | 11 | | the stability of property values and the value of any pension | 12 | | funds which may be invested in such real estate partnerships; | 13 | | therefore, be it
| 14 | | RESOLVED, BY THE SENATE OF THE NINETY-SEVENTH GENERAL | 15 | | ASSEMBLY OF THE STATE OF ILLINOIS, that we respectfully urge | 16 | | the United States Congress and the President of the United | 17 | | States to maintain the current capital gains tax treatment or | 18 | | classification for tax purposes of promoted or carried interest | 19 | | used by real estate partnerships; and be it further
| 20 | | RESOLVED, That suitable copies of this resolution be | 21 | | delivered to the Majority and Minority Leaders of the United | 22 | | States Senate, the Speaker and Minority Leader of the United |
| | | SR0081 | - 3 - | LRB097 10635 GRL 51033 r |
|
| 1 | | States House of Representatives, and each member of the | 2 | | Illinois congressional delegation.
|
|