A Valuable Resource for Government Agencies

NetBasis can serve a number of important uses for both state and federal government agencies.

State agencies, for example, can use NetBasis to calculate and verify the amount of capital gains tax that will be collected from state residents, eliminating the need to wait for federal calculation. Accurate cost basis calculation at the state level also provides important verification of federal calculation.

By performing their own capital gains tax calculations, states can significantly reduce the 24-month waiting period currently involved in waiting for federal calculation, laying the foundation for more timely receipt of tax revenues.

NetBasis can also offer valuable benefits to state unclaimed property divisions, allowing them to provide the cost basis of unclaimed securities that were sold according to law, and subsequently claimed by an owner, who is entitled to the proceeds.

As demonstrated during the preparation of the 2005 Tax Gap Report, NetBasis also benefits federal agencies. It allows for accurate, efficient calculation and verification of Schedule D information, helping to maximize capital gains tax receipts while enhancing agency productivity.

In addition, agencies such as the SEC can use NetBasis to verify the cost basis reporting of money managers - a vital capability in today's financial marketplace. NetBasis can also play a critical role in helping federal agencies calculate an individual's net worth to determine eligibility for programs such as Medicare and Medicaid.

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