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Public market investors like steady management fees, but give buyout firms scant credit for their carried interest.
If New York's proposed tax goes through it could double managers' taxes, opponents say, because other states may continue to tax their carried interest too.
If the carried interest legislation were passed, individual managers may try to cash out by selling their carried interests to a third party and recognizing capital gain.
They want to tax the profits, or "carried interest", of the 1,000 or so hedge-fund managers who commute regularly into New York to work (state residents already pay tax on their carried interest).
She even offered up relocation specialists to help them move.A proposal to raise the federal taxes that hedge-fund and private-equity managers pay on their carried interest has stalled in the Senate.
By reclassifying carried interest as, essentially, payment for services, New York is seeking to tax nonresident fund managers as if their carried interest is no different from any other kind of fee paid for work performed.
Similar(46)
Computers and desks may turn out to be worth less than their carrying value.
It's too bad that their carrying case is just so large that it almost nullifies their small stature.
Yousef and Eyad Ismoil were convicted in for their carrying out the bombing.
Most countries issuing passports did not require their carry, thus people could travel freely without them.
Perhaps, it is because they are meant to carry children, there, under their hearts, so by nature their carry all their emotions there too.
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