NYC Tax Agency Subpoenaed in Probe of Trump’s Company: Reuters

The Manhattan District Attorney’s Office has issued a subpoena to the New York City Tax Commission as part of its criminal investigation into former President Donald Trump’s company, Reuters reported on Friday.

The news agency said that the tax commission’s president, Frances Henn, had confirmed the subpoena.

The documents could help investigators determine whether the Trump Organization inflated property values to secure favorable terms on loans while deflating those values to lower property tax bills, according to the report.

The subpoena would likely compel the tax agency to provide income and expense statements the company filed to lower tax assessments on some commercial properties, according to Reuters, which cited anonymous sources it said were familiar with the commission’s operations.

Those filings would typically include valuations by the company to challenge market values by the city’s tax assessors, the people told Reuters.

Manhattan District Attorney Cyrus Vance Jr.’s office declined to comment to Reuters. A representative for Trump and a Trump Organization lawyer didn’t respond to Reuters’ request for comment.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.