Donald Trump received a middle class tax credit on a Park Avenue condo that his campaign acknowledges he never actually lived in, even though only primary residences were eligible for the New York property tax credit, TPM has learned.
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TPM came across the problematic tax credit in the course of examining Trump’s use of the tax credit on another property, his penthouse in Trump Tower in recent years. The city had ruled the penthouse was enrolled to get the tax credit by mistake, but a closer examination suggests mistake or not, Trump would have had to meet the state's income requirements to qualify for the credit: taxable income of no more than $500,000 a year.
The upshot is that there is reason to suspect that Trump suffered additional losses sometime after 1995 that he used to drive down his taxable income and ultimately his income tax burden.
Taken together with the partial Trump tax returns published by the Times, the story of the Trump property tax credits casts new light on Trump’s wealth and how it came to be that a billionaire real estate developer was scrounging a roughly $300 tax credit intended for middle class New Yorkers who made $500,000 a year or less.
Editor's Note: As a companion piece, please see this earlier tax story by Crain's.
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