Each month, the Office of Revenue Analysis in the DC Office of the Chief Financial Officer publishes a review of economic and tax revenue data for DC. The review includes data on employment and wages, residential and commercial real estate, hospitality, the US economy and federal government, and DC tax collections. Below are the highlights from our latest review.
On March 11, the Bureau of Labor Statistics (BLS) published the results of their annual benchmarking of employment statistics. Benchmarking is the process of matching sample-based employment estimates with employment counts from administrative records such as unemployment insurance (UI), Railroad Retirement Board (RRB), and County Business Patterns (CBP). While counts from administrative data are less timely than sample-based estimates, they provide an annual point-in-time census of employment.
Achieving homeownership has always been a challenge for young working adults, but in recent years, the economic barriers have become even more daunting. Nevertheless, homeownership remains a quintessential aspect of the American dream, and many young households are determined to find ways to achieve this goal. They understand that owning a home can significantly contribute to their long-term financial stability and wealth accumulation.
Each month, the Office of Revenue Analysis in the DC Office of the Chief Financial Officer publishes a review of economic and tax revenue data for DC. The review includes data on employment and wages, residential and commercial real estate, hospitality, the US economy and federal government, and DC tax collections. Below are the highlights from our latest review.
Each month, the Office of Revenue Analysis in the DC Office of the Chief Financial Officer publishes a review of economic and tax revenue data for DC. The review includes data on employment and wages, residential and commercial real estate, hospitality, the US economy and federal government, and DC tax collections. Below are the highlights from our latest review.
Each month, the Office of Revenue Analysis in the DC Office of the Chief Financial Officer publishes a review of economic and tax revenue data for DC. The review includes data on employment and wages, residential and commercial real estate, hospitality, the US economy and federal government, and DC tax collections. Below are the highlights from our latest review.
The District of Columbia homestead deduction provides tax relief to resident homeowners. Resident homeowners may deduct $87,050 (in 2024) from the assessed value of their home before calculating property taxes owed. The senior citizen and disabled person credit (commonly referred to as the senior credit) provides additional tax relief to senior citizens and people with disabilities, who often have fixed income, and may struggle with rising property taxes.
The District has two tax credits for individuals and families with childcare costs: the DC Child and Dependent Care Tax Credit (CDCTC) and the Keep Child Care Affordable tax credit. This post will summarize the total tax benefits received by District tax filers under the DC CDCTC and how those numbers changed for 2021 as a result of the federal American Rescue Plan Act (P.L. 117-2).