Bill Text: IL HR0038 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Urges United States Congress and the President of the United States to maintain the current capital gains tax treatment or classification for tax purposes of promoted or carried interest used by real estate partnerships.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HR0038 Detail]
Download: Illinois-2011-HR0038-Introduced.html
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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, Economic growth and increased opportunity are of | ||||||
| 3 | utmost importance in this current economic downturn; and
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| 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
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| 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
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| 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
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| 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
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| 20 | WHEREAS, There is an inherent risk associated with | ||||||
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| 1 | commercial, residential, and affordable housing development | ||||||
| 2 | projects; and
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| 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
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| 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
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| 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
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| 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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