Massachusetts Senate Approves Insurance Industry Tax Break.(Originated from The Boston Globe)

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

Jul. 17--In a victory for mutual fund companies, the state Senate yesterday approved a tax break that will cut the industry's annual tax payments by $40 million to $50 million.

Rebuffing one of its own committees, the Senate voted 34 to 4 for a bill that is quite similar to one approved by the House two weeks ago. The measures still have some key differences, however, which will have to be ironed out in a conference committee.

The Senate vote came a day after the Senate Ways and Means Committee reported out a version of the bill that was immediately denounced by the mutual fund industry. The industry has promised to create 11,000 jobs over the next five years in return for the tax break. Mutual fund executives said the committee's version of the bill...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.