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Current through October 23, 2012
(a)(1) Notwithstanding any other provision of this chapter, and in lieu of the tax on taxable income imposed by § 47-1807.02, subject to the credits applicable thereto, a tax on taxable income at a rate of 6% shall be imposed upon Qualified High Technology Companies which are corporations, except as provided for in paragraph (2) of this subsection.
(2)(A) For purposes of this paragraph, the term "high technology development zones" mean the geographic areas described in the priority development areas listed in § 2-1219.20 and as designated under subparagraph (B) of this paragraph.
(B) The Mayor may propose regulations designating additional high technology development zones. The Mayor shall transmit the proposed regulations to the Council for a 45-day period of review. If the Council does not approve the regulations, in whole or in part, by resolution within the 45-day review period, the regulations shall be deemed approved.
(C) A Qualified High Technology Company within a high technology development zone shall not be subject to the tax imposed by this chapter for 5 years after the date that the Qualified High Technology Company commences business in the high technology development zone.
(b) The transfer of ownership of a Qualified High Technology Company shall not affect eligibility under this section.
(c) The Mayor may issue regulations to carry out the provisions of this section.
(Apr. 3, 2001, D.C. Law 13-256, § 403(b), 48 DCR 730.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 13-256, see notes following § 47-1817.01.
