His holiness The Donald (real estate mogul, reality TV icon, and hardball negotiator) has another trick up his sleeve with the Old Post Office that his company won the rights to redevelop over a year ago. There has been very little news about the project, save for the above renderings being released a few months ago, until today when it became known that Team Trump was trying to get out of paying some of the associated taxes. Which taxes? How could they get out of it? Read on to find out the deets.
Running a for-profit business (like say a luxury hotel) on tax-exempt government land (like say the Old Post Office) poses an expensive problem given the tax code. And Sir Donnie would like to avoid that if possible. Specifically, he's hoping to get out of the PIT, or rather, DC's "possessory interest tax" that serves a similar purpose for leasehold properties, sort-of, to the commercial real estate tax. Two of his reps have approached DC officials to get some type of escape route from the policy but were told no. That ain't stopping the big D, though, and he'll likely try to argue about increased jobs and revenue that will come to the city so, therefore, he shouldn't have to get an extra bite from taxes.
· Trump seeks relief from D.C. tax on Old Post Office hotel [WBJ]
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