Broadridge Financial Solutions’ Access Data on Monday announced a new service that will permit mutual fund managers and ETF sponsors to calculate state tax obligations.

The Multi-State Tax Management solution organizes and tabulates shareholder account data across distribution channels in all 50 states without divulging specific shareholder information. The solution determines average asset holdings and apportions income earned for a particular fund in each state.

“Until now, a mutual fund or ETF could only estimate aggregate shareholder positions and not effectively calculate the positions by state,” said Gerard Scavelli, president of mutual fund solutions at Broadridge. “As states take a more aggressive stance in scrutinizing taz estimate, the market need for this solution became very evident to us.”

The solution is now available for chief financial officers and corporate tax managers to calculate their 2010 taxes and begin planning for the 2011 tax season.

Click here for a complete analysis of Broadridge's multi-state tax product being introduced today.

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