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D.C. Council delays vote on 1333 M Street SE tax abatement after debate over $61 million foregone revenue
Summary
The Council postponed final action on a 15-year tax abatement for 1333 M Street SE after members raised concerns that the Chief Financial Officer’s analysis estimated $61,000,000 in foregone revenue over the abatement period; proponents said the project requires the abatement to proceed and would provide public benefits and affordable units.
The Council of the District of Columbia on May 6 postponed consideration of a proposed tax abatement for 1333 M Street SE after extended debate over its fiscal impact and community benefits.
Councilmember McDuffie, sponsor of the measure, said the abatement would cap certain property taxes for the development (a 2.9-acre site in the Navy Yard, Ward 6) in excess of $150,000 per year for 15 years beginning in 2029, and that the…
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