September 19, 1990
TO: TAX MEMBERS NO. 36-90
CLOSED-END FUND MEMBERS NO. 35-90
ACCOUNTING/TREASURERS MEMBERS NO. 19-90
RE: WAIVER OF OHIO REPORTING REQUIREMENT FOR 1991
__________________________________________________________
As we previously informed you (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),
in 1989 Ohio amended its statutory provision under which regu-
lated investment companies ("RICs") are generally exempt from tax
either as a corporation under the State corporate franchise
(income) tax or as a dealer in intangibles under the State intan-
gibles tax. As amended, the exemption applies only if the RIC
files with the State Tax Commissioner by March 31 a report list-
ing the names, addresses and taxpayer identification numbers for
all of its shareholders during the preceding calendar year.
Last year, the State Tax Commissioner waived the RIC
reporting requirement for the 1990 tax year (see Institute Memo-
randum to Tax Members No. 35-89, Closed-End Fund Members No. 47-
89, and Accounting/Treasurers Committee No. 41-89, dated October
4, 1989). In the attached "Journal Entry", the Commissioner has
extended the waiver from the RIC reporting requirement to 1991.
Thus, all RICs will remain exempt from Ohio State tax for 1991
without having to file by March 31, 1991 a list of all persons
who were shareholders during the 1990 calendar year.
We will keep you informed of developments.
David J. Mangefrida, Jr.
Assistant General Counsel
Attachment
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