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.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 May 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 May 1997

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• Introduced in Senate

  summary · EN · 15 May 1997

  Open at official source

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