Tepper's Move May Affect New Jersey Budget, Forecaster Warns
- Billionaire head of Appaloosa Management moved to Florida
- Move could cause increased income-tax volatility, expert says
David Tepper.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
The decision by billionaire hedge-fund manager David Tepper to quit New Jersey for tax-friendly Florida could complicate estimates of how much tax money the struggling state will collect, the head of the Legislature’s nonpartisan research branch warned lawmakers.
Tepper, 58, registered to vote in Florida in October, listing a Miami Beach condominium as his permanent address, and in December filed a court document declaring that he is now a resident of the state. On Jan. 1, he relocated his Appaloosa Management from New Jersey to Florida, which is free of personal-income and estate taxes.