New York City scraps tax break for Trump apartment
New York City has reportedly nixed a tax break worth nearly $50,000 that President Trump was expected to receive for his Trump Tower condo.
The New York Daily News reported on Thursday that the city made the decision after receiving inquiries from the newspaper regarding his eligibility for the city’s condominium abatement, which is a tax break available to condo and co-op owners.
“We have removed the exemption and have contacted the managing agent to update their records,” New York City’s Department of Finance spokeswoman Sonia Alleyne told the News on Thursday. “Managing agents are required by law to inform the Department of Finance of primary residency changes.”
{mosads}The newspaper noted that on Tuesday, city records had indicated Trump was going to save $48,834.62 on his tax bill for the year beginning July 1.
But a homeowner can only be eligible to receive the specific tax break if a condo is one’s primary residence, the outlet reported. Trump has not kept a primary residence at the Trump Tower since moving to the White House on Jan. 20, 2017, the day of his inauguration.
Trump was able to receive the abatement tax last year because he’d resided in the condo through Jan. 5 of last year. But in order to take abatement tax this year, he would need to have lived there until at least Jan. 5, 2018.
The newspaper reported that Trump’s state taxes last year were $251,574. After the abatement of $44,025, his taxes were reduced to $207,549.
Trump has refused to release his federal taxes, saying he will only do so once the IRS finishes auditing his finances.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
