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December 16, 2003
TO: BOARD OF GOVERNORS No. 75-03
FEDERAL LEGISLATION MEMBERS No. 32-03
PRIMARY CONTACTS - MEMBER COMPLEX No. 112-03
PUBLIC INFORMATION COMMITTEE No. 49-03
RE: LEGISLATION TO ASSURE FUND SHAREHOLDERS BENEFIT FROM TAX LAW
Just before Congress adjourned for the year, the Chairmen and Ranking Democratic
Members of the House Ways and Means Committee and the Senate Finance Committee
introduced identical bills (H.R. 3654 and S. 1984) to make technical corrections in the Jobs and
Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). Specifically, the legislation clarifies
that mutual fund shareholders will be entitled to receive the full benefit of the new 15 percent
maximum tax rate established in JGTRRA for qualifying corporate dividends.
We will keep you informed of further developments.
Matthew P. Fink
President