Advertisement

Millionaire Donald J. Trump does not have...

Millionaire Donald J. Trump does not have to pay a New Jersey sales or use tax on the $29-million purchase of his luxury yacht, the Trump Princess, the state Division of Taxation has ruled. Because Trump purchased the yacht, complete with a discotheque and movie theater, out of the country and because the vessel is leased by one of Trump’s out-of-state companies to another that is in-state, the casino and real estate mogul is exempted from paying what would have amounted to a sales tax of $1.74 million on the yacht. Instead, the tax division ruled, only the monthly lease payments are subject to the sales tax of 6%, or about $24,000 monthly, Trump spokesman Dennis Gorski confirmed.


Advertisement
Advertisement