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District of Columbia Code Division VIII. General Laws. § 47-1819. Credit established.

Current as of January 01, 2024 | Updated by Findlaw Staff

<Text of section applicable upon the date of inclusion of its fiscal effect in an approved budget and financial plan.>

(a) For tax years beginning after December 31, 2026, there is established a District of Columbia vacant and blighted home revitalization tax credit that may be claimed against taxes imposed under this chapter.

(b) The amount of the credit shall be 50% of the eligible development costs as certified by the Mayor to the Chief Financial Officer pursuant to § 47-1819.04(b).

(c) The credit may exceed the tax liability under this chapter, including any minimum tax due under §§ 47-1807.02(b) or 47-1808.03(b), for that taxable year and shall be refundable to the eligible taxpayer, including an organization exempt under § 47-1802.01(a)(3) from taxation under this chapter.

(d) The credit may only be allowed if it:

(1) Has been approved and certified by the Mayor to the Chief Financial Officer pursuant to § 47-1819.04:

(2) Is claimed by an eligible taxpayer in the taxable year in which the substantial rehabilitation of the eligible property is completed;  and

(3) Is claimed in the manner and form prescribed by the Chief Financial Officer.

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-1819. Credit established. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-1819-02/

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