H.C.R. No. 58 Summary

• Ohio's 130th General Assembly opposes any federal effort to eliminate or limit the tax exemption on interest earned from municipal bonds.

• Urges the President and Congress to retain the current tax-exempt status of municipal bonds, which are used to finance infrastructure projects including roads, bridges, hospitals, schools, and utility systems.

• States that federal tax exemption on municipal bonds is part of a century-old system of reciprocal immunity that provides significant cost advantages for public sector debt financing compared to private sector borrowing.

• Notes that lower capital costs from tax-exempt financing result in reduced property tax rates for taxpayers and greater local investments.

• Directs the Clerk of the House to transmit authenticated copies of this resolution to the President, Congress, Ohio's congressional delegation, and Ohio media.