N.Y. Move Could Double-Tax Hedge Fund

“As they grapple with a gaping budget shortfall, Mr. Paterson and the lawmakers plan to enact a tax change that will treat much of the compensation earned by the fund managers who work in New York but live outside the state as ordinary income… But tax lawyers and representatives of investment firms argue that the fund managers could wind up being taxed twice on the same earnings, and warn that those who already live in places like Greenwich, Conn., or Summit, N.J., could decide to move their businesses out of New York altogether and work closer to home.”
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