The Washington, DC, Council approved emergency legislation to decouple from 13 federal tax code changes enacted in July—and use some of the avoided revenue losses to fund expanded credits for children and low-income residents.
The bill (B26-0457) approved unanimously by the council would prohibit taxpayers from deducting overtime and tips on their returns for the city. It would also sever the city from the federal tax law’s benefits for businesses, including a special depreciation allowance for qualified property and full expensing of domestic research and experimental expenditures.
The district’s chief financial officer estimated in September that the GOP’s ...
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