Ivanka and Jared Kushner could profit from developer tax break they advocated: report
An investigation from The Associated Press published Tuesday found that President Trump’s daughter Ivanka Trump and her husband Jared Kushner could benefit from a program that gives tax breaks to property developers who invest in run-down areas.
The couple, who serve as senior White House advisers, have pushed for the Opportunity Zone program and the AP notes that Kushner has an ownership stake in a real estate development firm that is putting money toward taking advantage of the program.
The Opportunity Zone program is a federal tax program that created more than 50 opportunity zones across the country. It is designed to offer tax breaks and incentives for developers who invest in low-income areas.
The real estate company Kushner owns a stake in, Cadre, is planning to build projects in Miami and New York that could qualify for the tax breaks.{mosads}
Separately, Kushner Companies — the business of Kushner’s family — owns at least 13 properties in New Jersey, New York and Maryland that could qualify for the tax breaks in the opportunity zones, according to the AP.
The AP noted that there is no evidence the two had a role in selecting any of the Opportunity Zones. Most of the zones were selected by state governors in conjunction with the federal government.
Still, the AP reported on concerns raised by government watchdogs who noted that Kushner and Ivanka Trump did not divest from their broad real estate investments when they entered their positions in the White House.
Virginia Canter, chief ethics counsel for watchdog group Citizens for Responsibility and Ethics in Washington, said Trump pushing for the program constitutes “a direct conflict of interest with her spouse’s investment in Cadre.”
The AP highlighted comments made by President Trump during an Oval Office gathering earlier this year in which he touted the new real estate investment program before turning to address his daughter.
“Ivanka, would you like to say something?” he asked. “You’ve been pushing this very hard.”
Financial analysts say the the Opportunity Zone program is one of the most generous tax benefits in recent memory and is drawing developers to pursue more projects.
Kushner Companies did not respond to a request for comment from the AP.
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