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District of Columbia Tax Incentives Improvement Act of 2002

Introduced: May 14, 2002 Introduced by: Norton, Eleanor Holmes Democratic · District of Columbia See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 18, 2002
Referred to the Subcommittee on Commercial and Administrative Law.
May 14, 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.
May 14, 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.

Sets the tax and withholding rates for nonresident aliens and foreign corporations at zero for payments made by an "exempt insurance company" with respect to a "DC Zone insurance policy" issued by such company (as such terms are defined by this Act). Relieves exempt insurance companies from reporting requirements with respect to amounts paid under a DC Zone insurance policy to foreigners in connection with risks located outside the United States.

What's happening now July 18, 2002

Referred to the Subcommittee on Commercial and Administrative Law.

 Committees of jurisdiction 4