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December 10, 2024
TO: ICI MembersPension Committee
Tax Committee
Transfer Agent Advisory Committee SUBJECTS: 529 Plans
Fund Accounting & Financial Reporting
State Issues
Tax RE: 2024 State Tax Surveys
The Institute's 2024 surveys on state tax matters are now available on the Institute's website.[1] They include:
- Survey 1: State Income Taxation of Dividends Paid by a RIC Derived in Whole (or in Part) from Interest on Federal Obligations;
- Survey 2: State Taxation of State and Local Obligations;
- Survey 3: State Taxation of Long-Term Capital Gain Distributions Made by RICs to Individual Shareholders;
- Survey 4: State Taxation of Contributions to and Distributions from Certain Retirement Plans;
- Survey 5: State Taxation of Qualified Tuition Programs (Section 529 Plans)
As in previous years, the Institute prepared the surveys based on information received from the states and the District of Columbia. We asked the states to provide the same information that they provided last year. The Institute has not independently verified the information in the surveys, and further investigation or consultation with a tax professional is advisable. The states of Alaska, Colorado, Connecticut, New York, North Dakota, and Ohio either did not respond or declined to participate in the survey this year due to staffing shortages and/or resources, so their information on the survey may be outdated. The state of Delaware did respond to the survey, but additional information was needed. We will update the survey if we receive the necessary clarification.
For your convenience, we have included on the website both the updated survey and marked versions highlighting any changes that were made to last year's results. If you have any questions regarding the surveys, please contact me at (202) 326-5826 or katie.sunderland@ici.org.
Katie Sunderland
Associate General Counsel
Notes
[1] The 2024 State Tax Survey can be found at: https://www.ici.org/survey-state-tax