Tax News
Post details: Colorado --Corporate Income Tax: Certain Mutual Fund Sales Considered Source Income
05/21/09
Colorado --Corporate Income Tax: Certain Mutual Fund Sales Considered Source Income
CCH (cch.taxgroup.com) reports:
Under recently enacted Colorado legislation, a mutual fund service corporation that provides management, distribution, and administrative services for a regulated investment company must source mutual fund sales to Colorado for corporate income tax purposes based on the percentage of shareholders in the regulated investment company that are domiciled in the state. Previously, mutual fund service corporations were required to apportion income to Colorado. Additionally, the sourcing requirement now applies to all mutual fund service corporations, rather than just those that derive more than 50% of gross income from mutual fund advisory services.
Subscribers may view the text of the bill.
H.B. 1311, Laws 2009, effective May 18, 2009
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