President Trump walks across the South Lawn of the White House on Tuesday. (Pablo Martinez Monsivais / AP)

The state tax department launched a review Tuesday of allegations that President Trump committed fraud by dodging millions of dollars in taxes over the course of several years.

The announcement by the Department of Taxation and Finance came within hours of a bombshell New York Times report detailing dubious tax schemes that Trump participated in with the help and blessing of his late father, Fred Trump, in the 1990s.

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“The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation,” a spokesman for the department told the Daily News.

The Times story, which is based on a cache of confidential tax returns and financial records, states Trump has received at least $413 million from his father’s real estate empire over the course of his life — a drastic departure from the “small loan of a million dollars” the President has claimed was the only source of financial help his dad provided.

A significant chunk of the cash came into Trump’s possession because he set up sham companies to disguise millions of dollars in gifts from his dad while also helping him take improper tax deductions by undervaluing his real estate holdings. Several of the machinations amounted to “outright fraud,” according to experts.

Over the course of decades, Trump’s parents reportedly funneled well over $1 billion to him and his siblings in gifts — a figure that should have been subject to the state’s 55% tax rate on such transactions. Instead, the Trumps paid a mere $52.2 million, or roughly 5%, in taxes, according to records.

The newly unearthed financial records and tax returns make clear that Trump’s business ventures and financial well-being was deeply dependent on his dad’s wealth — a revelation that undercuts the President’s longtime depiction of himself as a brilliant deal-maker and self-made billionaire.

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Charles Harder, who represents Trump in a variety of personal capacities, claimed the allegations are “extremely inaccurate” and said the President had no direct knowledge of any given tax scheme.

“President Trump had virtually no involvement whatsoever with these matters,” Harder said in a statement. “The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law.”

White House press secretary Sarah Huckabee Sanders claimed the Internal Revenue Service “reviewed and signed off on these transactions,” seemingly ignoring the fact that the Trumps reportedly hid and mischaracterized large sums of money.

“Fred Trump has been gone for nearly twenty years and it’s sad to witness this misleading attack against the Trump family,” Sanders said in a statement.

A state law enforcement source told The News that it’s unlikely the tax department will be able to bring a criminal case against Trump over the fraud allegations, since the statute of limitations for such charges expired long ago.

However, authorities can likely still slap Trump with civil fines for tax fraud.

“There is no civil statue of limitations for fraud,” said Nicholas Gravante, a longtime white collar defense attorney in New York.

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