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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......................

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