Volume 1 - Executive Summary - Office of the Chief Financial Officer

PART A — GENERAL FUND TAXES
FY 2011
REVENUE
TAX DESCRIPTION RATE ($ in thousands)
PUBLIC UTILITY TAX
Tax on local television, radio and telephone companies; heating oil utilities;
natural gas utilities; and electric distribution utilities.
D.C. Code Citation: Title 47, Chapter 25.
Television, radio and telephone companies:
10% of gross charges – residential
11% of gross charges – nonresidential
Heating oil utilities:
$0.17 per gallon – residential
$0.187 per gallon – nonresidential
$140,848
Amount is net of
$8,897 Ballpark Revenue
Fund transfer.
Natural gas utilities:
$0.0707 per therm – residential
$0.07777 per therm – nonresidential
Electric distribution utilities:
$0.0070 per kilowatt hour – residential
$0.0077 per kilowatt hour – nonresidential
Note: The additional surcharges on nonresidential
customers are dedicated to the Ballpark
Revenue Fund.
TOLL
TELECOMMUNICATIONS
TAX
Tax on gross receipts of companies providing toll telecommunication service
in the District, including wireless telecommunication providers.
D.C. Code Citation: Title 47, Chapter 39.
10% of gross charges – residential
11% of gross charges – nonresidential
Note: 1% of nonresidential telecommunications
tax revenue is dedicated to the Ballpark Revenue
Fund.
$58,447
Amount is net of
$2,373 Ballpark Revenue
Fund transfer.
INSURANCE PREMIUMS
TAX
Tax on gross insurance premiums received on risks in the District, less premiums
received for reinsurance assumed, returned premiums and dividends
paid to policy-holders. The tax is in lieu of all other taxes except real
estate taxes and fees provided for by the District's insurance law.
D.C. Code Citation: Title 47, Chapter 26.
2.0% on policy and membership fees and net premium
receipts; except 2.0% on companies that
issue accident and loss of health insurance (as of
10/1/08) and on HMOs (as of 1/1/09).
Note: Currently dedicated to the Healthy DC Fund
is the 2.0% premium tax on health insurers and
75% of the 2.0% premium tax from HMOs.
$44,637
Amount is net of
$25,101 Healthy DC
Fund Transfer.
ESTATE TAX
Tax levied on the estate of every decedent dying while a resident of the District,
and on the estate of every nonresident decedent owning property having
a taxable status in the District at the time of his or her death.
Tax due is determined by using the DC estate tax
computation worksheet after computing the exempted
amounts.
$87,230
DC Code Citation: Title 47, Chapter 37.
DEED RECORDATION
TAX
Tax on the recording of all deeds to real estate in the District. The basis of
the tax is the value of consideration given for the property. Where there is
no consideration or where the consideration is nominal, the tax is imposed
on the basis of the fair market value of the property.
D.C. Code Citation: Title 42, Chapter 11.
1.45% of consideration or fair market value
Note: For residential properties under $400,000,
the rate is 1.1% of consideration or fair market
value.
Note: 15% of the deed recordation tax is dedicated
to the Housing Production Trust Fund.
$139,886
Amount is net of
transfers to: the
Housing Production
Trust Fund ($24,686).
Revenue
4-44
FY 2013 Proposed Budget and Financial Plan