D.C. Council questions reinterpretation of tax law

The District has forgone about $15 million in property taxes since 2007, when the city finance office quietly reinterpreted a law governing the handling of the city's largest property transactions, a top deputy to Chief Financial Officer Natwar M. Gandhi testified Wednesday.

A D.C. Council hearing provided the first accounting of the effect of a dispute over whether a 1.45 percent "deed recordation tax" should be levied on the full amount of commercial property refinancings, or whether the original loan principal should be exempted — which was undisputed before the council passed a package of tax reforms in 2001.

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Zachary A. Goldfarb 13 Oct, 2011

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