Mayor Vincent Gray has made it abundantly clear that dealing with the District’s looming $400 million budget shortfall for next year will be his biggest immediate challenge. However, you may not have heard that Gray and the DC Council could be making the gap even bigger by failing to follow through on an important corporate tax reform they adopted last year, known as Combined Reporting. If they don’t take action soon, the city could lose $22 million in needed tax revenue by allowing big multi-state corporations to continue to avoid paying taxes to the District.
Read more about it: Happy New Year, Multi-State Corporations