Published On: Thu, Apr 7th, 2016

Billionaire to save hundreds of millions from Florida move

Key Speakers At The Robin Hood Foundation Investors Forum

 

David Tepper’s gain is New Jersey’s loss.

The hedge fund billionaire, founder of Appaloosa Management, officially changed his tax residency and corporate headquarters from New Jersey to Florida. People close to Tepper say he made the move to be closer to his mother and sister, who live in Florida.

Yet it could also save him hundreds of millions of dollars in taxes that would have gone to New Jersey.

According to Institutional Investor‘s Alpha, Tepper has earned more than $6 billion over the past three years. Given that the top tax rate in New Jersey is 8.97 percent, his tax bill for the state over that time frame could have been more than $500 million. Of course, his real bill was likely much lower, given charitable deductions and other accounting treatments. Yet he still likely paid in the nine figures to the state of New Jersey over those years.

 

Read the full story at CNBC, by Robert Frank

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