1333 M Street, SE Tax Abatement Amendment Act of 2024

This bill amends the District of Columbia's tax code to provide a property tax abatement for the River's Edge development project at 1333 M Street, SE. The financial relief, which covers taxes exceeding $150,000 annually, is set to begin in Fiscal Year 2029 and will last for 15 consecutive years. To qualify for this benefit, the developer must construct at least 12% of the residential units for low-income households and complete specific public improvements, including a neighborhood greenway, reconstructed bicycle trails, and new public plazas. The legislation also clarifies that receiving this tax break does not prevent the developer from seeking other available economic incentives or contesting future tax assessments.