Tax Partner spoke with NJBiz about business taxation in New Jersey, following the departure of hedge fund manager David Tepper from the state's tax rolls.
By Martin C. Daks
Billionaire hedge fund manager David Tepper, formerly New Jersey’s wealthiest resident, filed for a legal change of residency last year. He is now a Florida resident.
New Jersey’s loss of an individual taxpayer like Tepper is only part of the problem, according to Andrew Ebneter, a Wayne resident and state and local tax practice partner with Marcum LLP.
“Large businesses are also leaving the state, which reduces tax collections here,” Ebneter said. “For example, Hertz left Park Ridge for Florida a few years ago, and Mercedes-Benz recently left Montvale for Georgia. So you don’t want to look at budget issues purely from a personal income tax standpoint, which would be a myopic viewpoint.