The D.C. Income and Franchise Tax Conformity and Revision Temporary Amendment Act of 2025 proposes significant amendments to Chapter 18 of Title 47 of the District of Columbia Official Code, focusing on tax deductions and credits. Key provisions include the introduction of a new section for individual, estate, and trust deductions, establishing a basic standard deduction of $15,000 for single filers, $22,500 for heads of household, and $30,000 for married couples filing jointly for the taxable year ending December 31, 2025, with annual cost-of-living adjustments thereafter. The bill also revives the child tax credit, allowing a refundable credit of $1,000 per qualifying child for taxable years beginning after December 31, 2025, contingent on residency and dependent status.

Additionally, the bill modifies existing tax laws by shifting responsibilities from the Mayor and the Council of the District of Columbia to the Chief Financial Officer, centralizing financial oversight. It amends the definition of "actually paid" to exclude carryforward charitable contributions and changes "Capital Gains" to "Qualified Opportunity Fund Capital Gains," introducing new stipulations for tax liability reductions related to investments in Qualified Opportunity Funds after December 31, 2026. The act is set to take effect from January 1, 2025, following the Mayor's approval or a Council override, with a stipulated expiration of 225 days after enactment.