Donald Trump owes a multi-million dollar tax refund for his skyscraper in Chicago
The Cook County State's Attorney is challenging a tax refund and has filed a lawsuit in the Illinois Appellate Court in the hope of blocking the account of former President Donald Trump. He owes a multi-million dollar tax refund for a skyscraper in Chicago.
The Illinois Department of Revenue has decided that former President Donald Trump is owed a $1 million tax refund from 2011 for his downtown Chicago skyscraper, but local officials are trying to block the payout.
The Chicago Sun-Times reports that it is the Cook County Board of Review evaluating the value of the rooms and retail space at the Trump International Hotel & Tower. In June, the Illinois Property Tax Appeal Board voted 5-0 to reduce the assessment of the building's commercial property.
The vote means Trump is owed a multi-million-dollar tax refund for his Chicago skyscraper, money that would come from property taxes of the city of Chicago, Chicago Public Schools, and several other government agencies. The Cook County State's Attorney is challenging the refund and has filed a lawsuit in the Illinois Appellate Court in hopes of blocking the former president's payout.
The dispute is the latest chapter in a long-running legal battle over Trump's tax returns that began more than 12 years ago and led to more than 14 million USD in tax relief for Trump. It also involves not only the former president, who is in the midst of a series of legal battles, but also a Chicago alderman whose own legal troubles have made headlines in Chicago for months.
Alderman Edward M. Burke, whose former law firm, Klafter & Burke, facilitated tax breaks for Trump, has been indicted on federal charges of blocking businesses from obtaining city permits unless they hired his firm. He has pleaded not guilty and is awaiting trial.
The dispute over the tax assessment for the skyscraper has a long history. Originally, the state agency rejected Trump's argument that the vacant retail spaces had no value because he could not find tenants to lease them. A state agency hearing officer rejected Trump's argument that the vacant retail spaces in the building had no value because he could not lease them out. However, an employee later wrote a report stating that Trump was entitled to a tax refund.
The agency delayed acting on this case until Trump left office, and in June voted to lower the valuation of the building's business ownership.
SOURCE: NBCCHICAGO PHOTO: PEXELS
