Tuesday, 5 May 2015
Last updated 9 hours ago
Aug 4 2010 | 10:12am ET
The New York Legislature managed—finally—to pass the last piece of the state’s very late budget without increasing taxes on hedge fund managers who work in the state but live elsewhere.
The State Assembly 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. Late last night, the State Senate also approved the bill, finalizing the budget 125 days late.
Instead of taxing hedge funds, the bill will raise $1 billion in new revenue in part by doing away with a sales tax exemption on clothing.
The potential hedge fund tax led to a major push by Connecticut Governor Jodi Rell to lure New York’s hedge funds north of the border.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…