District of Columbia Economic Recovery Act

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 July 1996

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 24 July 1996

   Introduced

   Sponsor introductory remarks on measure. (CR S8641-8643)

   Source: IntroReferral

3. 24 July 1996

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 24 July 1996 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 24 July 1996

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 24 July 1996

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in Senate

  summary · EN · 24 July 1996

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Mack, Connie, III [R-FL] · R · Sponsor
• Sen. Lieberman, Joseph I. [ID-CT] · D · Sponsor
• Sen. Abraham, Spencer [R-MI] · R · Sponsor
• Sen. Lott, Trent [R-MS] · R · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Bennett, Robert F. [R-UT] · R · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.