Hedge Funds Politics & Regulation Tax & legal

MFA disputes New York hedge fund tax in letter to Governor

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The MFA has written David Paterson in protest of a proposed levy on carried interest earned by non-residents who work in the state.

The Managed Funds Association is protesting a hedge fund manager tax proposed by the state of New York, arguing that a levy on nonresident fund managers could subject some managers to double taxation and push jobs out of the Empire state.

Richard Baker, president of the MFA, the main hedge fund industry trade group, sent a letter to New York Governor David Paterson today criticizing the proposal. The MFA says the proposed tax would affect nonresident managers, such as those living in Connecticut and New Jersey, who work in the state.

“This tax will cost New Yorkers jobs