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Attention taxpayers and business owners: The increase in the general sales tax rate to 7% has been postponed. The general sales tax rate remains 6% through September 30, 2027.

The September 2026 revenue estimate has been released: OCFO Releases September 2026 Revenue Estimates for FY 2026-2030 | cfo

Summary of the Effects of Major Provisions of the "Tax Cuts and Jobs Act" on District Residences and Businesses

The presentation focuses on the following changes that may significantly impact District revenues and/or District taxpayers:

  • Federal Tax Rates
  • Standard Deduction
  • Personal Exemption
  • Child Tax Credit
  • State and Local Tax (SALT) Deduction
  • Estate Tax Exclusion
  • 20% Qualified Business Income Deduction
  • Immediate Expensing/Interest Deduction Limitation for Businesses
Attachment(s): 
Tax Reform Summary (358.8 KB)