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Connecticut Hedge Funds Tax

Connecticut Hedge Funds Tax

Hedge Funds Warn They Could Leave State if Taxes Rise

Hedge funds are battling with the Connecticut government over taxes and they have a simple threat: if you raise taxes on us, we will leave the state. There are a high number of hedge funds with offices in the state, and one reason for this is that they enjoy lower taxes than in neighboring New York state.

As you might recall, last year, former Connecticut Governor Jodi Rell tried to woo hedge funds to move to Connecticut in order to avoid a proposed $50 million tax on some hedge fund managers. Now, hedge funds are threatening to leave the Nutmeg State if taxes go up for hedge funds.
As Gov. Dannel P. Malloy reaches out to hedge funds as part of a campaign to boost Connecticut jobs, the industry has a blunt message: We are a lucrative part of the state's economy and we can move if taxes rise too high.

Connecticut's southwestern "Gold Coast" has one of the world's largest concentrations of hedge funds, private partnerships that typically are open to a limited number of investors and require a large initial minimum investment. Connecticut is home to about 200 hedge funds.

Malloy is planning a meeting with industry representatives in recognition of their importance to the business sector in lower Fairfield County, spokeswoman Colleen Flanagan said Friday. She said the governor is reaching out to a range of businesses to see what government can do to help boost job creation. Source

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