To amend the Internal Revenue Code of 1986 to expand certain enterprise zone incentives applicable to portions of the District of Columbia and 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.
District of Columbia Economic Recovery Act - Amends the Internal Revenue Code, concerning the District of Columbia Enterprise Zone, to: (1) provide for the designation of the entire District of Columbia as the District of Columbia Enterprise Zone; and (2) treat the entire District of Columbia as an empowerment zone.
Limits the net income tax of a District of Columbia resident to the sum of: (1) 15 percent of so much of District-sourced income as exceeds a defined exemption amount; and (2) the average rate of non-District-sourced adjusted gross income (as defined). Provides for an annual study and reports concerning the impact of such tax limitations.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E282-283)
Referred to the House Committee on Ways and Means.
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