July 23, 1991
TO: TAX MEMBERS NO. 31-91
CLOSED-END FUND MEMBERS NO. 32-91
ACCOUNTING/TREASURERS MEMBERS NO. 19-91
RE: WAIVER OF OHIO REPORTING REQUIREMENT FOR 1992
__________________________________________________________
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
regulated 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.
The State Tax Commissioner has previously waived the RIC
reporting requirement for the 1990 and 1991 tax years (see
Institute Memoranda to Tax Members No. 35-89, Closed-End Fund
Members No. 47-89 and Accounting/Treasurers Committee No. 41-89,
dated October 4, 1989, and to Tax Members No. 36-90, Closed-End
Fund Members No. 35-90 and Accounting/Treasurers Members No. 19-
90, dated September 19, 1990). In the attached "Journal Entry",
the Commissioner has extended the waiver from the RIC reporting
requirement to 1992. Thus, all RICs will remain exempt from Ohio
State tax for 1992 without having to file by March 31, 1992 a
list of all persons who were shareholders during the 1991
calendar year.
We will keep you informed of developments.
David J. Mangefrida, Jr.
Assistant Counsel - Tax
Attachment