ICI Submits Opposition Letter to NJ FTT Proposal

[32723]

August 31, 2020 TO: ICI Members
Tax Committee SUBJECTS: Fund Accounting & Financial Reporting
Tax RE: ICI Submits Opposition Letter to NJ FTT Proposal

 

ICI submitted the attached opposition letter to a New Jersey proposal (also attached) to impose a tax of a quarter of a cent ($.0025) per transaction on high-volume processors of financial transactions. The letter describes how the proposal would apply to fund investors and increases the cost of saving for retirement. The letter also notes that similar taxes have not raised projected revenues and have harmed financial markets in other countries.

 

Katie Sunderland
Assistant General Counsel

 

Attachment No. 1

Attachment No. 2