Washington, DC, will decouple from 13 tax code changes in the GOP federal tax law under emergency legislation that takes effect Wednesday.
The city will use some of the avoided revenue losses to fund expanded tax credits for children and low-income residents.
The bill (B26-0457) unanimously approved last month by DC City Council, prohibits taxpayers from deducting overtime and tips on their returns for the city. It also severs the city from the federal tax law’s benefits for businesses, including a special depreciation allowance for qualified property and full write-offs for domestic research and experimental expenditures.
It took ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.