Legislative leaders rightly recognized the error of their previous policy regarding out-of-state hedge fund managers. When I spoke on the Assembly floor on July 1, I pointed out the non-partisan chorus of economists and government officials who realized we could not rely on taxing the business community to lift us out of this recession. By placing the burden of the state’s fiscal crisis on our job creators, we would have essentially drove jobs and taxable income out of our state. Today’s reversal is a long overdue step in the right direction, albeit a small one, as we confront a state fiscal crisis and national recession.
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