Wed, Jun 19, 2013
A A A
Welcome Guest
Free Trial RSS
New! Family Office and Investor Database with 11,750 contacts
Alternative Market Briefing

New York hedge funds heave sigh of relief as Albany junks carried interest tax in new budget
Friday, August 06, 2010

Opalesque Industry Update - Hedge fund managers who work in New York but live out of state can heave a sigh of relief after the state passed a budget Tuesday minus the controversial carried interest tax provision it previously contained.

The New York Senate ratified the bill without the divisive tax measure after Gov. David Paterson and Mayor Michael Bloomberg opposed the bill on concerns it will force affected hedge fund managers to relocate to other states, reported the Wall Street Journal.

Travis Proulx, a spokesman for the New York Senate, said Gov. Paterson has yet to sign the budget bill.

In another report, the New York Times disclosed that New York state lawmakers passed the budget on fears hedge fund managers may be swayed by the persistent wooing of rival state Connecticut with an offer of a better tax regime.

Under current New York laws, performance earnings of hedge fund managers are considered as capital gains and are charged with 15% tax. Lawmakers in Albany had proposed to reclassify these earnings as "ordinary" income which carries higher tax rate, the report said.

A Bloomberg report said that New York lawmakers backed away from their plan to rai......................

To view our full article Click here
Article link
Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Mariner’s incubation platform takes on new volatility arbitrage fund[more]

    Benedicte Gravrand, Opalesque Geneva:- Mariner Investment Group, a $10bn alternative asset manager headquartered in New York which launched an

  2. SWF Institute rankings: total sovereign wealth funds' assets amount to $5,473bn[more]

    Benedicte Gravrand, Opalesque Geneva: - According to the SWF Institute's latest Sovereign Wealth Fund Rankings, the total amount of sovereign wealth funds' asset under management is now $5,473bn, to which oil and gas relate

  3. A bad week for Japan[more]

    Benedicte Gravrand, Opalesque Geneva: - The Japanese stock market got inflated by 80% in six months following Shinzo Abe’s appointment as Prime Minister in December 2012. Indeed, Abe almost immediately launched monetary policy, fiscal policy and economic growth strategies (two points of a three-poin

  4. Are we rotating yet? If we do, will it matter?[more]

    Bailey McCann, Opalesque New York: Market participants have long been looking for the "great rotation," out of fixed income, which has been in the works for several months according to some forecasters. Yet, inflows to both fixed income and equities have largely remained unchanged in any real way.

  5. The fine art market: The Fine Art Group and Fine Art Wealth Management analyze the market and emerging trends in the field of art investments.
Click here for More about Opalesque Tracking
- A new, unique Premium Service -
  1. Peak 6
  2. One William Street
  3. Securis
  4. Haymarket
  5. Cantab
  1. managed account
  2. asia
  3. hedge funds
  4. asian hedge fund
  5. credit