October 4, 1989
TO: TAX MEMBERS NO. 35-89
CLOSED-END FUND MEMBERS NO. 47-89
ACCOUNTING/TREASURERS COMMITTEE NO. 41-89
RE: WAIVER OF OHIO REPORTING REQUIREMENT FOR 1990
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As we previously informed you, Ohio recently amended its
statutory provision which exempts regulated investment companies
("RICs") from being taxed either as a corporation under the State
corporate franchise (income) tax or as a dealer in intangibles
under the State intangibles tax (See Institute Memorandum to Tax
Members No. 29-89, Closed-End Fund Members No. 35-89 and
Accounting/Treasurers Committee No. 27-89, dated August 7, 1989).
As amended, the statute's exemption applies only if the RIC files
with the State Tax Commissioner by March 31 a report listing the
names, addresses and taxpayer identification numbers for all of
its shareholders during the preceding calendar year.
In the attached "Journal Entry," the State Tax Commissioner
has waived the recently-enacted RIC reporting requirement for
1990. Thus, all RICs will remain exempt from Ohio State tax for
1990 without regard to the State's new reporting requirement.
We will keep you informed of developments.
Keith D. Lawson
Assistant General Counsel
Attachment