D.C. Council Approves Fenty's First Spending Plan
posted 10:47 am Wed May 16, 2007 - WASHINGTON
Members of the D.C. Council have given unanimous approval to Mayor Adrian Fenty's first budget.
The $5.7 billion spending plan includes an amended package of tax relief measures that could save residents and small businesses about $30 million.
Under a tax proposal drafted by Council Chairman Vincent Gray, the standard deduction on individual tax returns will rise from $2,500 to $4,000. Homestead deductions will increase by $4,000 from the current $60,000. The plan also provides $11 million in tax relief for business owners.
Fenty's budget represents an eight percent increase over the 2007 fiscal year spending plan. The local funds are combined with about $4 billion in federal funds.
Among the highlights are $40 million to rebuild Eastern Market and the Georgetown branch of the D.C. Public Library which were both damaged by fires last month.
Under a tax proposal drafted by Council Chairman Vincent Gray, the standard deduction on individual tax returns will rise from $2,500 to $4,000. Homestead deductions will increase by $4,000 from the current $60,000. The plan also provides $11 million in tax relief for business owners.
Fenty's budget represents an eight percent increase over the 2007 fiscal year spending plan. The local funds are combined with about $4 billion in federal funds. Among the highlights are $40 million to rebuild Eastern Market and the Georgetown branch of the D.C. Public Library which were both damaged by fires last month.
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