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Pres Letter on HB 6973

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Pres Letter on HB 6973

  1. 1. Re: A Call to Action! Date: February 23, 2017 Dear Members- 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 management fees. 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. Sincerely, Bruce McGuire Bruce McGuire, Esq. President, Connecticut Hedge Fund Association https://www.wsj.com/articles/connecticut-lawmakers-seek-new-tax-on-hedge- funds-1485814373

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