COVID-19 – We are committed to helping keep our clients and employees safe and connected 301-468-3220

D.C. Council Moves to Lower the Estate Tax Exemption

During a virtual budget meeting today, the D.C. Council approved a series of tax increases for the upcoming fiscal year (beginning October 1) in an effort to fund to a range of social services including housing vouchers, assistance to undocumented immigrants, and mental health treatment in schools.

While the council rejected a proposal to raise the income tax on high income earners, they approved an amendment to lower the threshold for imposing estate taxes from $5.6 million to $4 million, which would generate an estimated $1.8 million for the city.

The proposed changes also include a dime-per-gallon hike in the gas tax, a 3% tax on the sales of advertising and personal information, delaying a tax break for publicly traded corporations, and cutting a tax break for technology companies.

There will be another vote on the budget before it is finalized. Stay tuned!

Share This Story, Choose Your Platform!
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram