club_cafe: New Jersey Taxing Investment Clubs

trok415 on

Subj: Re: NJ Partnership TAX - NEW UPDATE
Date: 12/19/02 10:06:14 PM Eastern Standard Time
From: PEC5193
To: archfam@goes.com, Newana@ infi.net, beaodonnell@yahoo.com, afss@earthlink.net, JOBIX@ATT.NET, LNBlatt@comcast.net, JoBooker, machiefa@worldnet.att.net, davidk@porteval.com (Kozodoy,Dave WICW), Americangirl923@hotmail.com, ellendickson@yahoo.com, fduke@carroll.com, Ewgnhb, Bob Fiocco, bobbieg@viconet.com, vongaal@hotmail.com, INEZ@midstatelumber.com, ridinhi@msn.com, ckaplanoffice@yahoo.com, Rblashsg, raypm@optonline.net, TROK415, rismar@webtv.net, T.Mohan@juno.com, ClaireKM, Psabey@comcast.net, PAMILAMA, Isabey, hbkushner@earthnet.net, blutt@att.net, Jpierce@snip.net, Leonsil, CarMick1013, Beaodonnell@yahoo.com, cgp@ieee.org, RRitt58878, marky@infi.net, SheilaS@mindspring.com, WordCenter, zzbarb@optonline.net

This is where I got the information. I was surprised that it was not $50,000 also since that was what I heard at the hearing. I am in agreement that we need to be totally exemped a a club. Maybe I was not clear. I do not mind a partnership tax on businesses but not on clubs

NJ Investment Club Members:

Just got off the phone with Senator Singer's
office(spoke with Ronnie - Aide to Senator Singer)
and she informed me that the new co-mingled bill
(Singer's S -1770 & Bark's S -1773) will not come
up for a vote before Jan 23rd '03(on break till then).
She also stated that the new bill is only for $25,000
PER MEMBER (not the $50,000 that was mentioned
in S-1770) which apparently was a compromise to get the bill heard in committee.
She explained to me that going into the "Budget
& Approp. Committee" hearing, the Democrats
were 'dead set' against the S 1770 bill getting
out of committee.
It was only because of our 'concerned investors'
testimony that caused them to have a change of heart.
She said that the new bill has to be approved before
the Senate and then pass thru the Assembly and be
signed by the Governor.
The new bill will be for $25,000 per member x the #
of members in a club ($25,000 x 15 = $375,000)
before the club has to pay the $150 TAX.
If only one member is over the limit (25,000) - only that member pays the TAX, but if the club is over the limit, then everyone has to pay the TAX.
More to follow as soon as I get any new info.
Once the holidays are over and we get closer
to the hearing date, WE ALL NEED TO CONTACT
OUR " ELECTED OFFICIALS" and let know what they need to do to keep us happy.

Regards,
Phil Crocker

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