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.
District of Columbia Economic Recovery Act - Amends the Internal Revenue Code to limit the income tax imposed on individuals who are residents of the District of Columbia. Specifies that the limitation is 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. Sets forth definitions, including for "resident of the District of Columbia" and "exemption amount."
Provides for the tax treatment of certain sources of income.
Directs the Secretary of the Treasury to annually study the impact of the provisions of this Act on the economy of the District of Columbia.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E152-153)
Referred to the Committee on Ways and Means, and in addition to the Committee on Government Reform and Oversight, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Ways and Means
Referred to House Government Reform
Referred to the Subcommittee on District of Columbia.
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