WASHINGTON, March 7 Tax collections for
Washington, D.C., for the fiscal 2014 year are running below
last year's as many revenue areas drop, according to a city
finance office report released on Friday.
For the fiscal year that began on Oct. 1, 2013, tax
collections were down $44.7 million, or 3.2 percent, from the
same period the year before. That put total collections for
fiscal 2014 through January at $1.339 billion, the report on
January's performance found.
The decline came from a $10.5 million fall in real property
taxes, the district's largest single tax source, and a $14.3
million drop in individual income taxes, its third-largest
source. Corporate income taxes were down 19.3 percent, or $16.9
One bright spot was general sales taxes, the second-largest
revenue source, which rose $12.3 million, or 3.3 percent, from
the first four months of fiscal 2013 to $387.7 million.
The district took in $401.6 million in January revenues,
which were 67 percent behind the same month last year almost
exclusively due to the fall in corporate income tax intake.
Because it is home to the U.S. government, the District of
Columbia pulled out of the 2007-09 recession faster than many
areas and recently has prospered from rising home prices and
When adjusted for inflation, the district's revenues rose
$812 million over the three fiscal years stretching from the end
of the recession to last fiscal year, according to the report.
The district anticipated revenues rising $334 million when
adjusted for inflation over the three following fiscal years,
according to the report. Federal budget fights over the last
year have taken a toll, especially on the local job market and
In December, private-sector job gains were not enough to
compensate for the loss of thousands of federal jobs, according
to the report. Temporary income and sales tax increases were due