Empowering the Tech Sector in DC - A Vision by DCTAV: Official submission to DC Tax Revision Commission

‍Introduction

‍The DC Tech & Venture Coalition (DCTAV) is thrilled to share our initial platform for fostering growth in the District of Columbia's tech sector. On November 7, 2023, we submitted version 1.0 of our comprehensive recommendations to the DC Tax Revision Commission, marking a significant step towards making DC a global hub for technology companies and startups.

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Our Vision and Recommendations‍

Our goal is simple yet ambitious: transform DC into the world’s preeminent city for technology companies and tech ventures - including investment and startups. The cornerstone of this vision is the revision of the Qualified High Tech Company (QHTC) program, ensuring that DC is not only competitive but also a leader in the tech industry.
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Here’s a snapshot of our key recommendations:

1. CAPITAL GAINS TAX INCENTIVES:
We propose maintaining the reduced capital gains tax rate and introducing additional incentives for long-term investments.

2. EXPANSION OF NEW HIRE TAX CREDITS:
Increasing tax credits for hiring, especially for disadvantaged employees, to align with programs in Maryland and Virginia.

3. SIMPLIFIED HIRING REQUIREMENTS:
Including DC residents who have completed tech training programs or possess in-demand tech skills.

4. PROPERTY AND SALES TAX EXEMPTIONS:
Encouraging tech firms to establish and expand operations in DC through broader tax relief.

5. RESEARCH AND DEVELOPMENT INCENTIVES:
‍Introducing payroll R&D tax credits for innovative startups, including bonuses for collaborative projects.

6. CREATION OF A TECH-FOCUSED INVESTMENT FUND:
To bridge funding gaps for innovative companies in the early stages.

7. REGULATORY ENVIRONMENT FORUMS:
Streamlining the process for becoming a QHTC and maintaining compliance.

8. COOPERATIVE EDUCATION AND INTERNSHIP PROGRAMS:
Establishing a tax credit for companies that create learning opportunities for local students.

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‍Why It Matters‍

Our recommendations are more than just tax reforms; they are the building blocks of a robust tech ecosystem. By revising the QHTC program, we aim to attract and retain tech businesses, ensuring economic prosperity for DC residents and setting a standard for other jurisdictions.

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Seeking Community Input‍

This is just the beginning. We at DCTAV are committed to an iterative process and warmly welcome input from the community to refine and improve our recommendations. Your insights are invaluable in shaping a future where the tech sector thrives in DC.

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Conclusion

‍We look forward to contributing to a thriving future for Washington DC's tech industry. Together, we can foster an environment where technology and innovation are the cornerstones of our city’s economic growth.

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Link to Full Text Submission

Click here to view the official submission.

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‍Contact Us

‍For more information or to share your thoughts, please visit our website at DCTAV.co or contact us at press@dctav.co.