Bill > B26-0229

This bill amends the District of Columbia's personal property tax law by increasing the dollar threshold for levying personal property tax and modifying reporting requirements. Specifically, for tax years beginning July 1, 2026, the tax threshold will rise from $225,000 to $325,000, meaning businesses will only be taxed on tangible personal property valued above $325,000. The tax rate remains $3.40 for each $100 of taxable property value, with future annual adjustments based on the local Consumer Price Index. The bill also updates reporting requirements, mandating that businesses report the full and true value of tangible personal property if it exceeds the new taxation threshold, calculated based on original cost and depreciation. The current value reported cannot be less than 25% of the original cost, with some exceptions. This legislation aims to simplify personal property tax reporting for businesses in the District of Columbia by raising the taxation threshold and providing clearer valuation guidelines.

Business and Industry

https://lims.dccouncil.gov/Legislation/B26-0229