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HR 4475 107th Congress House Taxation Business income tax Capital gains tax Commerce District of Columbia Divorce Divorcees Employment tax credits Enterprise zones Families Government Operations and Politics Home ownership Housing and Community Development Income tax Industrial development bonds Intangible property Intellectual property Labor and Employment Law Local taxation

District of Columbia Tax Incentives Improvement Act of 2002

Introduced: April 17, 2002 Introduced by: Norton, Eleanor Holmes Democratic · District of Columbia See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 6, 2002
Referred to the Subcommittee on Commercial and Administrative Law.
Apr 17, 2002
Referred to the Committee on Ways and Means, and in addition to the Committees on the Judiciary, and Government Reform, 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.
Apr 17, 2002
Sponsor introductory remarks on measure. (CR E553-554)
Apr 17, 2002
Introduced in House
 Plain-English summary Congressional Research Service
District of Columbia Tax Incentives Improvement Act of 2002 - Amends the Internal Revenue Code to designate the entire District of Columbia as an enterprise zone which shall be treated as an empowerment zone.

Excludes from gross income capital gains on sale or exchange of District assets held for more than two years (presently the figure is five years). Defines what constitutes a District business. Nullifies the exclusion of any trade or business from counting as a District business for reason of consisting predominantly of dealing in intangibles if: (1) at least 30 percent of the employees of such a business are District residents; and (2) at least 50 percent of the wages are paid to District residents.

Extends time line for which provisions of enterprise zone treatment will last. Makes permanent provisions of law pertaining to the first-time homebuyer credit (currently, they last through December 31, 2003). Extends classification of "first-time homebuyer" to certain individuals buying residences due to divorce or separation, and directs the Secretary of Treasury to prescribe regulations to prevent abuses of such provision.

Removes the limitation on the amount of tax-exempt enterprise zone facility bonds that can be issued.

Exempts certain bonds and notes issued by the District Council and the interest thereon from all taxation (except for estate, inheritance, and gift taxes) by the United States, any State or political subdivision thereof, the District, or any possession of the United States.

What's happening now May 6, 2002

Referred to the Subcommittee on Commercial and Administrative Law.

 Committees of jurisdiction 4