NEW YORK (AP) – President Donald Trump’s son-in-law and adviser Jared Kushner has sold his stake in a company investing in Opportunity Zone projects offering tax breaks he had personally lobbied for in Washington, sparking criticism that he was benefiting from his White House role.
A filing at the Office of Government Ethics released Monday shows that Kushner received permission to defer capital gains on the sale of his stake in Cadre, a digital platform for smaller investors to buy stakes in commercial properties. Kushner’s holding in the private Cadre is worth between $25 million and $50 million, according to a financial disclosure report he filed with federal ethics officials last year.
Kushner pushed for the Opportunity Zone tax breaks to be included in Trump’s 2017 tax overhaul. The breaks offer investors big cuts in capital gains taxes if they put money into businesses and buildings in 8,700 poor, struggling neighborhoods across the country that otherwise might not attract the money.
Cadre has said it plans to invest heavily in those neighborhoods, though it is unclear just how much it has done so. Kushner also has stakes in more than a dozen properties in Opportunity Zones owned by his family firm, Kushner Cos. It is not clear if the company has taken advantage of the breaks.
Kushner stepped down as CEO of Kushner Cos. and gave up management positions at Cadre when he joined the White House three years ago.