Massachusetts bankers want the state to pass a law allowing for conversions of personal common trust funds to mutual funds without triggering taxes for clients.

Congress amended the tax laws in 1996 to exempt conversions of personal common trust funds from federal capital gains taxes, but the Massachusetts state tax code has not followed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.