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To: dpl who wrote (7345)	5/21/1999 10:52:00 AM
From: Carole Olkowski	Respond to of 12617

This may affect some of you...FYI May 21, 1999 It has come to Nasdaq's attention that in 1997 the legislature of Massachusetts enacted a retroactive change with respect to the taxability of telecommunications services. This tax law change was disclosed to the public in a January 1999 Technical Information Release (attached), and is retroactive to September 1, 1990. In particular, this tax law change indicates that “database or similar electronic information services available to multiple subscribers (e.g. , services providing access to current stock market quotes…)” are not subject to Massachusetts sales tax. In light of this new knowledge, Nasdaq will not bill Massachusetts-based customers sales tax on their 6/1/99 invoice and is evaluating the best course of action for determining potential refunds to these customers. Since Nasdaq market data is currently in a vendor bill environment, we have a relatively small number of Massachusetts-based firms whom we invoice currently. However, we thought you would find this information useful with regard to your own invoicing practices. Note that the refund claim must be filed with the state of Massachusetts by June 30, 1999. If you have any questions with regard to this issue, please feel free to contact Grace Daniell, Associate Director, Taxes, at (301) 590-6555. Thank you for your attention to this matter.