NYC rescinds Trump tax break: report

NYC rescinds Trump tax break: report
© Greg Nash

New York City increased Donald TrumpDonald John TrumpTrump says he will 'temporarily hold off' on declaring Mexican drug cartels as terror organization House Judiciary Committee formally receives impeachment report Artist behind gold toilet offered to Trump sells banana duct-taped to a wall for 0,000 MORE’s tax bill over the weekend by removing a tax break he received that is designed for people who make $500,000 or less per year, The Wall Street Journal reported on Monday.

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A spokeswoman for the city finance department told the newspaper she could not discuss whether Trump is eligible for the property-tax credit and said three year’s worth of tax breaks were removed after a request from Trump's lawyer.  

Trump's tax bill increased by $1,046.41 as a result, the WSJ reported.

Crain's New York Business first reported in March that Trump had been receiving a credit under the New York State School Tax Relief Program, also known as the STAR program. Earlier this month, Crain's reported that Trump had received the credit again for his Trump Tower penthouse.

The Trump campaign has said New York City made an error in giving Trump the tax break.

The presumptive GOP presidential nominee said in a financial disclosure form last month that he has a net worth of more than $10 billion.

But Trump has so far refused to release his income tax returns, raising questions about his finances. The Washington Post reported that in 1978 and 1979, Trump was able to avoid paying any federal income tax by using a tax break that allowed him to report negative income.

Trump has said he will release his returns once an Internal Revenue Service audit is completed, but the IRS has said audits do not prevent taxpayers from releasing their own information.