Bank customers would be able to convert assets held in common trust funds without paying capital gains taxes under a bill passed by the Senate Tuesday.

The industry supports the measure because it would allow depositors to transfer these assets into easier-to-administer mutual funds.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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