New York State Legislature Approves Release of Trump Tax Returns

“The TRUST Act has passed, with its full update, and when signed into law by @NYGovCuomo, we will stand prepared as a state to empower our colleagues in the federal legislature”, New York State Assemblyman David Buchwald said in a tweet linked to a photo from the chamber depicting the final 84-53 vote.

The Trust Act, although it does not mention Trump by name, authorizes New York’s commissioner of taxation to provide any taxpayer’s personal and state income tax returns to the US House Ways and Means Committee, the Senate Finance Committee, and the Joint Committee on Taxation, according to the text of the legislation.

READ MORE: US House Committee Subpoenas 6 Years of Trump Tax Returns

With New York being Trump’s home state and business headquarters, media speculated that his state tax returns would contain much of the same information found in federal filings long sought after by congressional Democrats.

The legislation was passed by both the New York State Assembly and Senate and is now heading to Governor Andrew Cuomo’s desk to be signed.

Cuomo previously said that he is “supportive” of the bill, but a spokesperson for his office reportedly later stated that the governor will carefully review the legislation before signing it.

Trump has refused to release his income tax returns, breaking with a tradition followed by US presidents and presidential candidates for decades, justifying his decision by arguing that he is under audit by federal tax authorities.

Back in April, the Ways and Means Committee requested the Treasury Department release confidential tax returns and other tax information of Trump and related business entities for the 2013-2018 period. Responding to the request in early May, US Treasury Secretary Steven Mnuchin said that he would not release Trump’s tax returns. However, the Committee’s Chairman Richard Neal (Democrat) reiterated his request and issued a subpoena for Trump’s tax records.

READ MORE: IRS Head Owns Trump-Branded Assets, Refuses US House Demand for Prez Tax Returns

Earlier in May, the New York Times revealed that Trump reported more than $1 billion in losses in his federal tax returns filed from 1985 to 1994. The president, however, criticized the reports, calling them inaccurate and “fake”.

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