Wednesday night the Georgetown Business Association held a forum on economic development in Georgetown. It’s a topic that is much on the minds of business owners and residents alike.
The panel included representatives from across the Georgetown business spectrum and also Councilmembers Jack Evans and Vincent Orange. When asked what the city can do for Georgetown, Evans highlighted three things: keeping crime low, transportation, and taxes. Typically when Evans talks about taxes, he talks about keeping income taxes low in order to attract and keep high income residents, but on this occasion he focused on the effect of higher taxes on small businesses. He stated that 25-30% of the new top income tax rate for DC will hit small businesses (for what it’s worth GM’s never heard that stat before, and it doesn’t sound quite right to him).
Vincent Orange emphasized a DC law that requires DC agencies to spend 50% of their procurement budget on small businesses. He stated that right now 31 agencies are out of compliance. Orange also highlighted the DC Streetscape Relief Fund, which offers interest free loans to businesses affected by disruptive street construction, like that seen on H St. NE. Good initiatives both of them, but they’re not really going to help out Georgetown small retail shops much (although Karen Ohri of Georgetown Flooring pointed out that a lot of their business is for institutional clients, so stores like hers could benefit from the procurement law). Continue reading