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United States · Bill · S

S. 753 (105th)

District of Columbia Economic Recovery Act

openUnited States· United States Congress· EN

Introduced

15 May 1997

Last action

20 May 1997 · Introduced

Status

Sponsor introductory remarks on measure. (CR S4767)

Sponsors

Sen. Mack, Connie, III [R-FL], Sen. Lieberman, Joseph I. [ID-CT], Sen. Brownback, Sam [R-KS]

Subjects

Environment, Taxation

Source updated

21 August 2025

Environment · Taxation

Official sourceDownload fileView documentsShare

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. 15 May 1997

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 15 May 1997

    Introduced

    Sponsor introductory remarks on measure. (CR S4601)

    Source: IntroReferral

  3. 15 May 1997

    Introduced

    Introduced in Senate

    Source: IntroReferral

  4. 20 May 1997

    Introduced

    Sponsor introductory remarks on measure. (CR S4767)

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 15 May 1997

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 15 May 1997

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 15 May 1997

    Open at official source

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Sponsors

Related records

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Sources

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