August 2, 1991
TO: BOARD OF GOVERNORS NO. 56-91
MONEY MARKET MEMBERS - ONE PER COMPLEX NO. 21-91
RE: NEW HAMPSHIRE LEGISLATURE ADJOURNS WITHOUT MONEY MARKET TAX
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The Institute is pleased to inform you that the New
Hampshire Legislature adjourned without considering legislation
that would have imposed a tax on money market funds.
Earlier this year, the New Hampshire Banking Commissioner
had called for a tax on money market funds in order to raise
revenue and to "create a level playing field" for financial
institutions. The Institute retained local counsel to monitor
the situation to ensure that legislation was not introduced to
tax money market funds.
Patricia Louie
Assistant General Counsel