illinois franchise tax board

In early 2002, the staff of the Franchise Tax Board made a proposal for FTB-sponsored legislation concerning the treatment of dividends received from a bank-owned Regulated Investment Company (RIC).The staff proposed that the RIC rules be amended to explicitly provide that dividends paid by a RIC to California corporate shareholders may not obtain the benefit of the exclusion from income tax under Revenue and Taxation Code Section 25106 (with limited exceptions).The outrageous tactic, however, was to insist that the change in the law was "declaratory of existing law" as of January 1, 1993. Mr. Naylor pointed out in a letter to the board that California is not alone in allowing some form of exclusion of RIC dividends paid to unitary corporate shareholders. New York, Florida, Massachusetts and Illinois allow analogous treatment, he wrote.

- Elizabeth Miranda

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