The bill titled the "Alpha Omega Social Action and Scholarship Foundation Real Property Tax Exemption Act of 2026" aims to amend Chapter 10 of Title 47 of the District of Columbia Official Code to provide a property tax exemption for the property located at 1231 Harvard Street, N.W., known as Lot 813, Square 2853. The exemption is contingent upon the property being owned by the Alpha Omega Social Action and Scholarship Foundation and being utilized for charitable and educational purposes, rather than for commercial activities. Additionally, the bill specifies that this tax exemption is supplementary to any other tax relief or assistance the foundation may receive.

Furthermore, the bill mandates the forgiveness of all real property taxes, interest, penalties, fees, and related charges assessed against the specified property for the period from October 1, 2018, to September 30, 2026. It also stipulates that any payments made for these taxes prior to the bill's effective date must be refunded within 45 days. The bill will take effect following the Mayor's approval, a 30-day congressional review period, and publication in the District of Columbia Register.