- D.C. Mayor Muriel Bowser proposed a $21 billion budget plan
- Sales tax increase and other revenue-raising measures included
- Office conversion tax credit part of downtown revival program
- Expecting revenue growth from corporate franchise taxes, insurance premiums, and interest income
- Anticipating decrease in sales tax revenue due to shift in consumer spending
- General sales tax hike planned to help close budget gaps
- Amending combined reporting method for business entities to generate revenue
- Freezing changes to earned income tax credit to increase revenue
- Increase in excise tax for fuel-efficient vehicles and repeal of exemption for electric vehicles proposed to raise revenue
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
