Roger Lorence quoted in Dow Jones article "Roundtable:Tax Could Drive Hedge Fund Managers Out of NY"
7/1/2010
Roger Lorence, Partner and member of the Tax Group, was quoted in this article on July 1, 2010, discussing the proposal to charge extra taxes on hedge fund managers who work in New York but live in nearby states.
Roger Lorence said that for the small amount of money the extra tax would raise, estimated at about $50 million, the proposal is "silly."
"It is a mistake," Lorence said. "New York did the smart thing by introducing the self-trading exemption decades ago, and has attracted a larger number of managers to stay in New York." The self-trading exemption excludes the taxation of incentive-allocation income received by nonresident partners providing investment management services. The exemption "is also a practice that other places like Connecticut, California have copied," Lorence said. "Connecticut and New Jersey will benefit from the legislation."
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