Hedge Funds in Connecticut
Connecticut Luring Hedge Funds Away from New York
As previously reported, the New York State legislature is looking to tax hedge fund managers that commute from Connecticut to work in New York. Connecticut has responded by attempting to lure hedge funds into moving from the Big Apple to Connecticut. As Mayor Bloomberg warns, the movement–led by Connecticut governor Jodi Rell–is already gaining traction among the hedge fund industry. To watch a video report on this hedge funds in Connecticut, follow this link.
When Albany lawmakers last month proposed a tax hike on hedge-fund managers, Mayor Michael Bloomberg called it the best thing to ever happen to Connecticut. Sure enough, Connecticut governor Jodi Rell is now making a personal pitch to New York-based hedge funds, inviting them to relocate.
“She’s doing what she should do. And we should be out there doing the same thing — making this a more attractive place to do business. There’s some things the city can do and we’re doing those, I think. the state is not doing its job,” said the mayor.
What the state is considering would target hedge fund managers who work in New York but live out-of-state. Right now, the money they earn from managing investments is taxed only in their home state. Under the proposal floated by Governor David Paterson, that money would be taxed in New York like ordinary income, raising an estimated $50 million a year.
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