Washington, D.C., Legislation Provides Property Tax Exemption for QALICB Real Property
Washington, D.C., mayor Muriel Bowser signed legislation providing a property tax exemption for real property belonging to qualified active low-income community businesses (QALICBs) participating in transactions that qualify for a federal new markets tax credit (NMTC). B24-0798 requires the city to provide a decision on the exemption within 60 days of receiving an application. The exemption will be effective following a 30-day Congressional review.
The Novogradac Introduction to New Markets Tax Credits booklet provides an initiation into the workings of the NMTC incentive.