WASHINGTON, DC—The Office of the Chief Financial Officer released a report last week that showed the District collected more than $6 billion in tax revenue the previous fiscal year.
However, in its 2014 Tax Expenditure Report, an analysis of 234 local and federal tax breaks, the Office of the Chief Financial Officer calculates that $3,057,729,000 in tax breaks were handed out to businesses, government agencies and District residents.
A total of $810.9 million in tax exemptions are the result of federal conformity provisions—the District adopting federal tax provisions into local policy—while $2.25 billion is the result of D.C. law, according to the Washington Business Journal.
The largest category of tax exemptions is potential real estate taxes, which would bring $839.9 million in taxes to the District in fiscal 2014. Educational institutions will not pay $104.2 million in real property taxes, while churches, synagogues and mosques would theoretically be charged $60.6 million. See story in the Washington Business Journal.
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