Hedge Funds Dodge Tax Increase

Hedge funds can breathe a sigh of relief as the expected State tax increase was voted down by State lawmakers.

The controversial tax increase was to target out-of-state fund managers, which could have lead to an exodus to nearby states, namely Connecticut.

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NY State lawmakers did manage to finalized the $136 billion budget, approving a final piece of legislation that will raise about $1 billion through a array of tax hikes and other measures. These measures are anticipated to cover the over $9 billion in deficits.

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