November 4, 1992
TO: TAX MEMBERS NO. 72-92
PENSION MEMBERS NO. 31-92
ACCOUNTING/TREASURERS MEMBERS NO. 40-92
CLOSED-END FUND MEMBERS NO. 43-92
OPERATIONS MEMBERS NO. 45-92
UNIT INVESTMENT TRUST MEMBERS NO. 55-92
INTERNATIONAL MEMBERS NO. 24-92
TRANSFER AGENT ADVISORY COMMITTEE NO. 68-92
RE: PRESIDENT ANNOUNCES VETO OF TAX BILL
__________________________________________________________
The President today issued a written announcement that he
will allow the 10 day period for signing the tax bill, H.R. 11,
to expire, thus resulting in its pocket veto. As we previously
informed you, this bill was passed by Congress on October 8, and
contained several provisions of interest to the investment
company industry, including repeal of the 30 percent test and
enhanced IRAs. (See Institute Memorandum to Tax Members No.
65-92, Accounting/Treasurers Members No. 37-92, Closed-End Fund
Members No. 37-92, Operations Members No. 37-92, Unit Investment
Trust Members No. 50-92, International Members No. 22-92 and
Transfer Agent Advisory Committee No. 58-92, dated October 8,
1992 and Institute Memorandum to Pension Members No. 26-92,
Operations Members No. 38-92 and Transfer Agent Advisory
Committee No. 59-92, dated October 8, 1992.)
We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Kathy D. Ireland
Associate Counsel - Pension