![\"Corey](\"https:\/\/i2.wp.com\/www.towleroad.com\/wp-content\/uploads\/2017\/04\/johnson.jpg?resize=740%2C740\")
<\/p>\nNYC Councilman Corey Johnson Has Plan to Force Trump to Release Tax Returns<\/b><\/p>\n
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NYC Councilman Corey Johnson plans to introduce\u00a0legislation requiring Donald Trump to release his tax returns or risk losing his contracts with the City of New York, one of which involves a Trump golf course in the Bronx.<\/p>\n
Via press release from Johnson\u2019s office:<\/p>\n
The legislation would specifically require certain executives of organizations who are named in the entities holding City concessions \u2013 and pay $0 to the City \u2013 to disclose their personal income tax returns. This criteria applies to Trump Ferry Point LLC, the company behind Trump Golf Links at Ferry Point, a golf course on public property in the Bronx.<\/p>\n
Every year, the Office of the City Chief of Procurement Officer prepares a report on all concessions that are binding on the City in the reporting year. One of the required reporting categories is \u201cApproximate Gross Revenues Received\u201d for that year, which refers to the amount the concessionaire is paying to the City. For a select few contract (concession) holders, the entry is consistently $0. One of the concession holders is Trump Ferry Point, LLC. This means that the Trump Organization is paying nothing to the City for the privilege of operating a private golf course on public property in the Bronx.<\/p>\n
The City Council has the power to require more transparency from the organizations that are receiving such generous terms from the City. This would be achieved by the passage of a Local Law that amends these requirements in the Administrative Code.<\/p>\n
The NY Daily News<\/em> adds<\/a>:<\/p>\n Johnson\u2019s bill, which is still being drafted and would likely be introduced next month, is exceedingly narrowly tailored in an effort to avoid having it apply to anyone with city concessions contracts outside the Trump family.<\/p>\n It applies only to non-public benefit organizations that have concessions that generate $0 in \u201capproximate gross revenue received\u201d \u2014 a small group of companies that includes Trump Ferry Point LLC, since the company isn\u2019t required to remit licensing fees to the city for the golf course until 2019.<\/p>\n The legislation would require the disclosure \u201cthe personal tax returns of any individual named in the entity entering into the concession agreement\u201d \u2014 and Trump Ferry Point is the only vendor with an individual name in it.<\/p>\n If passed, the law would mean any one of those individuals \u2014 in this case, Donald Trump or his relatives at the company \u2014 would have to release their tax returns annually, as long as the company doesn\u2019t provide the city profit, and as part of Vendex questionnaires, filed every three years.<\/p>\n Said Johnson:\u00a0\u201cIf you\u2019re benefiting from lucrative City contracts, you owe the public a high degree of transparency. When you\u2019re profiting from a City contract that doesn\u2019t return a dollar back to the City and your name is branded all over the property, transparency is vital. Donald J. Trump has made millions of dollars off City contracts, yet his finances are a complete mystery. We need to pull back the curtain on Donald Trump\u2019s tax secrets. The choice should be simple: make your returns public or relinquish your contracts with the City of New York.\u201d<\/p>\n The post NYC Councilman Corey Johnson Has Plan to Force Trump to Release Tax Returns<\/a> appeared first on Towleroad<\/a>.<\/p>\n