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Regulated Investment Company Modernization Act
In December 2010, ICI welcomed enactment of H.R. 4337, the Regulated Investment Company Modernization Act. The Act updates and resolves antiquated or conflicting mutual fund tax rules, many of which date back to 1936 and have not kept pace with the structure, operations, and investments of the fund industry. These changes to the tax law will improve efficiencies for funds, allowing them to focus on servicing their shareholders. In addition, some of the bill’s provisions benefit investors directly. For example, the Act provides tax benefits for international investments made through funds of funds, and updates tax reporting requirements so shareholders will have to file fewer amended tax returns.
Resources: Regulated Investment Company Modernization Act
- ICI Applauds Enactment of Bill To Update Mutual Fund Tax Laws Dec 23, 2010
- ICI Applauds U.S. Senate Approval of Bill to Modernize Mutual Fund Tax Laws Dec 9, 2010
- ICI Statement on House Approval of Regulated Investment Company Modernization Act Sep 29, 2010
- Tax Simplification Proposals Impacting Registered Investment Companies June 15, 2010
- H.R. 4337: Key Provisions Benefiting Investors Apr 26, 2010
- ICI Supports Legislation to Modernize Tax Laws for Registered Investment Companies Dec 17, 2009
- House Ways & Means Committee: Chairmen Rangel & Neal Introduce Bill to Modernize Tax Rules for Mutual Funds Dec 16, 2009
- House Ways & Means Committee Summary of Legislation Dec 16, 2009
- H.R. 4337: “The Regulated Investment Company Modernization Act of 2009” Dec 16, 2009

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