New Law Will Make Funds More Efficient and Reduce Need for Amended Tax Returns

By Ianthe Zabel

December 23, 2010

ICI President and CEO Paul Schott Stevens made the following statement upon the enactment of H.R. 4337, a bill that updates and simplifies a number of mutual fund tax rules:

“We applaud President Obama for signing into law this important bill that will make funds more efficient and reduce the need for investors to file amended tax returns related to their investments. The Regulated Investment Company Modernization Act streamlines and updates technical tax rules, allowing fund companies to focus on innovating and serving shareholders. ICI has long supported Congress’s efforts to clarify and streamline mutual fund tax rules, and we are pleased that Congress acted expeditiously and in a bipartisan manner to modernize these laws.”

Ianthe Zabel is ICI’s Senior Director for Media Relations.