Budget Bill Passed by Congress Includes Capital Gains Technical Corrections

Washington, DC, October 21, 1998 - The budget bill passed today by Congress-H.R. 4328, or the Omnibus Consolidated and Emergency Supplemental Appropriations Act-contains a technical correction changing the effective date for capital gains legislation enacted this summer. With the change, noted on page 2252, subsection (i) of the budget bill report, essentially all registered investment company capital gain dividends paid to shareholders during 1998 will be taxed at a maximum rate of 20 percent. The bill now goes to the President.