Tax Help For Small Businesses on H
After reading yesterday's post on the tax incentive helping out at 3rd and H someone asked about tax help for small businesses on H Street. Here are the details on such help from a recent press release:
Wells Helps H Street NE Small Businesses Defer Real Estate Property Taxes During Ongoing Streetscape Construction
(Washington, DC) – On Tuesday, March 2nd, Councilmember Tommy Wells moved emergency legislation through the Council to defer real estate property taxes, without penalty, for small businesses on H Street NE, between 3rd and 15th Streets, until September 15, 2010.
With active streetscape construction on H Street NE, small businesses are suffering severe disruption to their regular business. While the enhancements will ultimately provide greater supports to small businesses once complete, the disruption created during the construction phase of the projects is sharply affecting sales and in some cases is placing severe pressures on affected businesses.
Wells stated, “It is vitally important to the survival of our small businesses that they maintain access to as much working capital as possible during the active streetscape construction.”
This short-term tax deferral will create needed flexibility for small businesses to maintain viable operations during the streetscape construction.
Councilmember Wells has also worked in recent weeks to invite CHAMPS, the local chamber of commerce, to work with area businesses and H Street Main Street and host a technical assistance meeting where owners can have questions about the tax deferral answered and learn more about how best to use the additional capital dollars and flexibility.
Councilmember Kwame Brown joined Councilmember Wells in moving the emergency measure and the bill was passed unanimously.