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Financial firms fleeing northeast of billionaire county Florida tax



Forget Wall Street, finance companies are seeking warmer weather – and lower taxes – in Florida.

Hedge funds, private equity firms and wealth management offices leave the northeast and head to Palm Beach County, Florida.

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Kelly Smallridge, president and CEO of Palm Beach County & # 39; s Business Development Board, told FOX Business that more than 70 financial services companies have moved to Palm Beach County over the past three years. Currently, the organization is working with another 1

5.

"I can't keep up with the number of companies coming in," Smallridge said. “Some are headquarters, others are regional operations. Many of them, when they first arrive here, are in short order [Palm Beach] as their home base. "

Businesses come primarily from three major areas – New York, Boston and Connecticut (more specifically Greenwich). All of these locations were affected by the $ 10,000 cap for state and local tax deductions.

Some notable names that have moved in in the Palm Beach area includes Paul Tudor Jones and Wexford Capital.

Due to an increase in the companies relocation interest, the Palm Beach Development Board has established a full-time department dedicated to the case.

It does not hurt that the county has a high concentration There are 40 billion households and 71,000 million households, according to Smallridge, and residents also have access to three international airports and a high-speed runway that can bring travelers straight to Miami.

The county's corporate tax rate is 5.5 percent, while there is no corporate income tax on limited partnerships, dividends are not subject to state income taxes in Florida. [19659002] As a result, when financiers first arrive in Florida, "the vast majority" establish their home state because "they want the tax benefits," Smallridge added. [19659002] Palm Beach is not the only Florida state to benefit from emigration from high-tax states.

The Miami Downtown Development Authority is targeting Chicago-area businesses in a push to increase their credibility as "Wall Street of the South."

Meanwhile, as FOX Business has reported, it's not just businesses that wants to relocate – but an increasing number of individuals too.

Miami is also investing in recruiting these unhappy families and individuals.

19659002] Around April 15, Miami real estate development company Codina Partners launched its "Unhappy New Yorkers" campaign. [19659002] Armando Codina, CEO of Codina Partners, told FOX Business that the company also planned to launch similar campaigns targeting New Jersey and Connecticut.

Data from the U.S. Census Bureau showed that while Florida received more movers than any other state last year, New York's outflow to the Sunshine State was the highest – 63,772 people, New York had the third largest outflow of any state, with 452,580 people which moved out during the past year.

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People earning $ 650,000 can save more than $ 69,700 in taxes per year by moving from New York to Florida.

In addition to Florida, Texas and Nevada are other states that people are moving to, according to several economic advisers.


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