Daily Tax Report: State

N.Y. Could Share Trump Tax Returns Under Proposed Bill

April 8, 2019, 4:17 PM

Democratic lawmakers in New York are pushing for legislation that would allow the state to share President Donald Trump’s tax returns, aiding Congressional investigations.

The legislation (S. 5072), introduced April 8 by Sen. Brad Hoylman (D), would create an exemption to the state’s current tax law, which prohibits the sharing of tax return information, except under certain circumstances, according to a news release.

The new exemption would authorize the state to share tax returns upon request from a Congressional committee if they query.

  • The law would protect against fishing expeditions by authorizing the New York State Commissioner of Taxation and Finance to provide the state tax return or return information only upon request of the chairperson of the U.S. House Ways & Means Committee, the U.S. Senate Finance Committee, or the Joint Committee on Taxation.
  • The request must certify that the information is for a specified and legitimate legislative purpose, the committee has made a related request to the U.S. Treasury Department pursuant to federal law, and the disclosure and inspection of the information will be consistent with the federal law.
  • The introduction of the legislation comes after the House Ways and Means Committee last week requested copies of Trump’s tax returns, which it is authorized to do under federal law.
  • The New York State Department of Taxation in October opened an investigation into his past filings following the publication of a New York Times Investigation into his financial history.

To contact the reporter on this story: Keshia Clukey in Albany, N.Y. at kclukey@bloomberglaw.com

To contact the editors responsible for this story: Jeff Harrington at jharrington@bloombergtax.com; Megan Pannone at mpannone@bloombergtax.com

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