Mutual-Fund Industry Nervous about Senate Committee's Stance on Tax Break.(Originated from The Boston Globe)

Knight Ridder/Tribune Business News, June, 1996 by Stein, Charles

Jun. 29--Before it becomes law, the bill to grant a tax break to the mutual-fund industry has to go through Sen. Stanley Rosenberg's committee.

That prospect can't make the industry too happy.

Rosenberg, (D-Amherst), chairman of the Senate Ways and Means Committee, has been upfront about being no fan of the legislation.

"I am very cool to the idea," said Rosenberg yesterday in a telephone interview, in which he questioned why a prosperous business needs a tax break and whether the state can afford it.

On Tuesday the House overwhelmingly approved a measure granting mutual funds a tax cut worth an estimated $40 to $50 million a year. In return, the industry has pledged to create 11,000 jobs in the state over the next five years. The mutual funds...

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