New York Passes Budget Bill without Hedge Fund Tax

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Finally, 125 days late, New York Legislature approved budge bill without increasing taxes on hedge fund managers who work in the state but live elsewhere.    

The State Assembly unanimously agreed to drop the proposed tax, which would have raised $50 million to help close the state’s $9.2 billion budget deficit by subjecting the performance fees earned by out-of-state hedge fund managers to the state’s income tax.  The plan led Governor Jodi Rell of neighboring Connecticut to offer relocation assistance to New York-based fund executives who leave for her state.

Instead of taxing hedge funds, the New York budget bill will raise $1 billion in new revenue in part by doing away with a sales tax exemption on clothing.

Anna Timone (195 Posts)


Comments

  1. The Billionaires are making a big show this week about their generocity. Some are pledging half their wealth to charity. But how much do they contribute to Social Security? Social Security reported today (4 days late) on last month’s changes in the number of beneficiaries. 96,000 new Social Security retirees and 32,000 Social Security disableds. Way way above the normal monthly averages.

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