Carl Icahn’s decision to relocate his firm from NY to Miami could be a tax play

Icahn Enterprises’ decision to relocate could be a result of the SALT tax cap deduction

Miami /
Sep.September 13, 2019 10:30 AM
Carl Icahn

Carl Icahn

Carl Icahn is taking his talents to South Beach, and the SALT tax may be the reason for his fastbreak.

The billionaire investor and noted corporate raider is planning to move his investment firm from New York City to Miami, according to the New York Post.

The Trump administration’s 2017 tax overhaul capped the amount of state and local taxes that could be deducted at $10,000. Brokers and real estate professionals in Florida projected a large scale migration of hedge fund managers and investment professionals from high-tax states to South Florida. Icahn could be one of the first well-known investment managers to actually make the move.

Icahn told his staff if they won’t move to Miami he’ll lay them off without severance, according to a letter obtained by the Post. It said Icahn Enterprises will close offices in New York City and White Plains on March 31, and move to Miami the next day.

Icahn assured his staff that they will get paid at least their salary and bonus earned in 2019, according to the report. He also offered an additional $50,000 relocation payment if they establish residency in Florida. It is unclear how many employees would be eligible for that, and where the new offices are located.

The investment maven also has a home on Miami Beach’s ritzy Indian Creek Island. [NYP] — Keith Larsen


Related Articles

arrow_forward_ios
Palazzo Della Luna at 6800 Fisher Island Drive in Miami Beach
Palazzo Della Luna closing tops Miami-Dade weekly condo sales
Palazzo Della Luna closing tops Miami-Dade weekly condo sales
A photo illustration of University of Miami professor Andrewa Heuson and Lab22c founder Saif Ishoof (Getty, University of Miami, Lab22c)
“Existential urgency”: Housing crisis clouds South Florida, expert says
“Existential urgency”: Housing crisis clouds South Florida, expert says
Alex Karakhanian, Avra Jain, Michael Comras and home design stores in Miami’s Upper Eastside (LNDMRK Development, Vagabond Group, Comras Company, Getty, property photos by Francisco Alvarado for The Real Deal)
Landlords target home design tenants for empty MiMo retail spaces
Landlords target home design tenants for empty MiMo retail spaces
Grove at Grand Bay
Grove at Grand Bay, One Thousand Museum tie for priciest weekly condo sale
Grove at Grand Bay, One Thousand Museum tie for priciest weekly condo sale
Park Grove at 1 Park Grove Lane in Miami (Google Maps)
Park Grove tops Miami-Dade’s weekly condo sales
Park Grove tops Miami-Dade’s weekly condo sales
Miami skyline
Miami-Dade ranks as ‘most competitive’ apartment market in 2022
Miami-Dade ranks as ‘most competitive’ apartment market in 2022
A photo illustration of B Group Capital Management CEO Sebastian Barbagallo and the property at 7880 Biscayne Boulevard (left), as well as a rendering of the originally-planned Triton Center (right) (Getty, Google Maps, B Group Capital Management, Triton Center)
B Group bids $102M for 20 acres in Miami’s Upper Eastside
B Group bids $102M for 20 acres in Miami’s Upper Eastside
Ritz-Carlton Sunny Isles at 15701 Collins Ave Suite 4401 in Sunny Isles Beach (Google Maps)
Ritz-Carlton Sunny Isles tops Miami-Dade’s weekly condo sales
Ritz-Carlton Sunny Isles tops Miami-Dade’s weekly condo sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...