N.Y. Gov. Says Hedge Fund Tax Won’t Pass

Aug 3 2010 | 12:26pm ET

New York Gov. David Paterson expressed confidence today that a proposed increase on taxes for hedge fund managers who work in the state but live elsewhere would not pass the state Senate.

Paterson made his prediction before the Senate was to vote on a plan to close the state’s $9.2 billion budget gap. Under the $50 million revenue-raising proposal, initially proffered by Paterson and passed by the state Assembly last month, hedge fund managers who work in New York but live in another state would have their performance fee income, or carried interest, subjected to New York state taxes.

The proposal was quickly pounced upon by Connecticut Gov. Jodi Rell, who invited New York’s hedge fund community—the world’s largest—to up sticks and move north of the border. Rell met with about 30 representatives of the New York hedge fund industry last night over dinner.

“Now Gov. Rell will have to find revenues from some other source,” Paterson told CNBC.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.