A senate bill aimed at improving capital gains income reporting will likely mean more recordkeeping work for brokerage firms and mutual fund companies. Introduced by Sen. Evan Bayh (D-Ind.), along with Sens. Barack Obama (D-Ill.), Thomas Carper (D-Del.) and John Kerry (D-Mass.), the measure would require the firms to keep track of and report the adjusted cost basis of their clients' investments, something that may be beyond the capability of many taxpayers. Bayh told Financial Times that the additional recordkeeping should not be too burdensome since many firms already track capital gains taxes, and technology has made it easier. Still, the Securities Industry Association, which FT says resisted such measures in the past, said it still has "critical questions" about the bill.