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

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

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

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

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.