A bill to amend the Internal Revenue Code of 1986 to provide for individuals who are residents of the District of Columbia a maximum rate of tax of 15 percent on income from sources within the District of Columbia, and for other purposes.
District of Columbia Economic Recovery Act - Amends the Internal Revenue Code to allow residents of the District of Columbia to elect to limit their net income tax to the sum of: (1) 15 percent of so much District-sourced income as exceeds the exemption amount; and (2) the average rate of the non-District-sourced adjusted gross income.
Excludes from gross income the capital gain on a District asset held over three years, but excludes only 50 percent of the capital gain on residential rental property held by non-District residents over three years.
Allows a taxpayer to elect to treat any qualified environmental remediation expenditure involving a District site as an expense that is not chargeable to capital account. Allows a deduction for any expenditure so treated.
Allows a first-time home buyer of a principal residence in the District a credit of up to $5,000.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S8641-8643)
Read twice and referred to the Committee on Finance.
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