March 7, 1991
TO: MONEY MARKET MEMBERS - ONE PER COMPLEX NO. 6-91
RE: RHODE ISLAND LEGISLATION INTRODUCED TO TAX MONEY MARKET
FUNDS
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House Bill 91-H6134 has been introduced in the Rhode Island
Legislature that would amend the definition of "banking
institution" to include a money market fund, thus subjecting
money market funds to the annual tax imposed on banking
institutions. A copy of the bill is attached.
The Institute’s Rhode Island lobbyist believes that this
bill will not be considered by the House Finance Committee;
however, we will be closely monitoring the bill and will advise
you of any developments.
Patricia Louie
Assistant General Counsel
Attachment