Miami’s Downtown Development Authority will send representatives up north in June in an effort to woo hedge funds to move to the southern state.
Miami Today reported that the representatives will meet with about 100 hedge funds in New York and Connecticut to sell the favorable tax incentive in Florida.
eVestment previously reported that the number of New York-based hedge fund professionals flocking to Florida to escape the state's high tax rates is so high that officials in Palm Beach County have already launched an office just to answer questions. While the federal tax rates are the same in both regions, there is no state income tax in Florida.
Among firms that have already relocated includes hedge fund manager Edward Lampert's ESL Investments, which moved from Connecticut last year.