For Immediate Release
April 14, 2015
Contact: Dionne Johnson Calhoun
Grosso Introduces Bill to Establish a Small Business Tax Deferral Program
Washington, D.C. – Today, Councilmember David Grosso (I-At Large) introduced the Small Business Tax Deferral Act of 2015. This legislation would establish a small business tax deferral program for those business owners with annual gross receipts that do not exceed $5 million when averaged over a three-year period.
“Small businesses provide a significant number of employment opportunities, foster growth and innovation and are often staples in the communities they serve,” said Grosso. “In D.C. we need to create a climate where small businesses not only survive but thrive and helping to alleviate the operational drain that payment of rising property taxes often causes, will certainly aid in this effort.”
According to a recent report published by the D.C. Office of Revenue Analysis, “mom and pop” shops—those with only a handful of employees—have sharply declined over the past 15 years. These businesses include florists, bookstores, hair salons, butchers and others. This legislation will help these types of businesses keep their doors open for years to come.