Bill > B26-0457

This bill modifies the District of Columbia's income tax code for the 2025 tax year and beyond, making several significant changes to tax deductions, credits, and filing requirements. The bill establishes a new basic standard deduction structure with specific amounts for different filing statuses ($15,000 for single filers, $22,500 for head of household, and $30,000 for married couples filing jointly), which will be adjusted annually based on cost-of-living changes. It introduces a new child tax credit for taxable years beginning after December 31, 2025, offering $1,000 per qualifying child under 18, with the credit amount subject to reduction based on the taxpayer's adjusted gross income. The bill also modifies various deduction rules, including changes to how research and experimental expenditures, interest, and depreciation are treated for tax purposes. Additionally, the legislation repeals previous personal exemption provisions and makes technical adjustments to align the District's tax code with certain federal tax code provisions, while introducing new rules for itemized deductions and standardizing how certain types of income and investments are reported and taxed.

https://lims.dccouncil.gov/Legislation/B26-0457