Re: A Call to Action!
Date: February 23, 2017
2017 is shaping up to be a critical year for hedge funds in CT, as some state
officials are seeking new revenue sources in an attempt to close the state’s
billion-dollar budget deficit. To help close the gap, a number of state leaders (35
so far) have taken aim at you and the broader CT investment management
profession. Proposed House Bill 6973: “An Act Concerning the Imposition of a
Surcharge on Investment Management Fees” is seeking to slap a 19% surcharge
on all investment management fees earned in CT. While this “tax parity” initiative
is primarily aimed at the so called “carried interest loophole”, the bill’s authors
have left themselves the latitude to impose this tax on all investment
The CTHFA intends to vigorously fight this bill, and has been meeting with state
leaders as well as the CBIA, and the Greenwich Economic Advisory Council in
anticipation of a public hearing. To fight this bill (and those that are sure to
follow), we need your help! CTHFA will be opening up a corporate membership
option so that firms that care to see CT remain a friendly domicile for private fund
managers can support us in this important work.
We look forward to serving you in 2017 and beyond, and working to ensure that
Connecticut adopts a business climate that is supportive of our industry.
Bruce McGuire, Esq.
President, Connecticut Hedge Fund Association