Budget & Taxes

This bill increases the personal property tax exemption threshold for District of Columbia businesses from $225,000 to $325,000. It directly affects small businesses with tangible property (like equipment and furniture) valued below $325,000, removing the requirement to file the FP-31 tax return form. Businesses under the new threshold will no longer need to report property values or depreciation, reducing administrative burdens. The change takes effect for tax years beginning July 1, 2026, aligning with inflation adjustments moving forward.