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Tax bill with hedge fund provision does not pass

Date: Thursday, June 12, 2008
Author: Pensions & Investments

A tax bill that would have stopped managers of offshore hedge funds from deferring tax payments on their compensation failed to pass a key procedural vote in the Senate on Tuesday night. Under a provision in the bill, offshore hedge fund managers would have to pay their taxes on their income immediately, rather than wait until they received their compensation. The provision was also included in a tax bill sponsored by Rep. Charles Rangel, D-N.Y., that was approved May 21 by the House. The bill could come up again, in the same form or with changes, because major business groups support key provisions in the bill, including one extending a tax credit for research and development.