-
Current through October 23, 2012
(a) The National Law Enforcement Officers Memorial Fund, Inc. ("Fund") and the vendors at the National Law Enforcement Museum ("Museum") located on United States Reservation Number 7, on property bounded by the National Law Enforcement Officers Memorial on the north; the United States Court of Appeals for the Armed Forces on the west; Court Building C on the east; and Old City Hall on the south shall be granted a credit against the sales and use taxes imposed by §§ 47-2002, 47-2002.02, 47-2202, and 47-2202.01 in the amount set forth in subsection (b) of this section during the period of time set forth in subsections (e) and (f) of this section.
(b) The amount of the credit shall be the amount of the taxes imposed by §§ 47-2002, 47-2002.02, 47-2202, and 47-2202.01 on the National Law Enforcement Officers Memorial Fund, Inc., and the vendors at the Museum for sales at the Museum; provided, that the annual amount of the credit shall not exceed the amount that would be necessary to pay principal and interest for one year on a loan of $5.5 million amortized in equal semiannual payments over a 20-year period at the lesser of an 8% interest rate or an interest rate equal to the true interest cost (as the term "true interest cost" is defined by the Municipal Securities Rulemaking Board) on the District of Columbia revenue bonds issued for the Museum.
(c) The Fund shall notify the Office of the Chief Financial Officer of the true interest cost and the Fund's calculation of the amount of the annual tax credit within 15 days after closing on the District of Columbia revenue bonds issued for the Museum.
(d) The Fund and the vendors at the Museum shall report their gross monthly receipts monthly to the Office of the Chief Financial Officer in accordance with the rules of the Office of Tax and Revenue, and include on such reports the amount of the tax credit balance after deducting the applicable taxes credited against such balance on their reports. The Fund shall coordinate with the vendors to ensure that the total amount of the credit allocated to the Fund and to each vendor in each year does not exceed the maximum annual amount of credit authorized under subsection (b) of this section.
(e) The credit authorized by this section shall commence on the 1st day of the 4th month following the date that the Museum is granted a certificate of occupancy by the appropriate government regulatory agency and shall expire 20 years thereafter.
(f) The Fund and the vendors at the Museum shall have no obligation to refund or otherwise return any amount of the credit authorized by this section to any person from whom the taxes offset by the credit were collected.
(g) The Chief Financial Officer may terminate the tax credit granted by this [section] if the Fund:
(1) Does not execute a development agreement with the District, relating to development of the Museum, within 90 days after [September 23, 2009]; or
(2) Violates the terms of the development agreement between the Fund and the District.
(Sept. 23, 2009, D.C. Law 18-49, § 2(b), 56 DCR 5484; Sept. 26, 2012, D.C. Law 19-171, § 129, 59 DCR 6190.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 19-171 validated a previously made technical correction in the section designation.
Temporary Addition of Section
Section 2(b) of D.C. Law 18-101 added a section to read as follows:
"§ 47-4626. First Congregational United Church of Christ property tax abatement.
"(a) The real property described as Lots 833 through 835 and 7000 through 7011, Square 375, as the land for such lots may be subdivided into a record lot or lots or assessment and taxation lots in the future, known as the First Congregational United Church of Christ property and owned by the First Congregational United Church of Christ, a District of Columbia nonprofit corporation formed for the purpose of religious worship, shall be exempt from taxation under Chapter 8 of this title so long as the First Congregational United Church of Christ owns the real property, subject to the provisions of §§ 47-1005, 47-1007, and 47-1009 as if the exemption were granted administratively.
"(b) The transfer by the First Congregational United Church of Christ of Lots 834, 835, 7003, 7006, 7007, 7008, 7009, 7010, and 7011, Square 375, as the land for such lots may be subdivided into a record lot or lots or assessment and taxation lots in the future, shall be exempt from the tax imposed by Chapter 9 of this title.
"(c) The tax abatement pursuant to this section shall be in addition to, and not in lieu of, any other tax relief or development assistance from any other source applicable to the First Congregational United Church of Christ.".
Section 6(b) of D.C. Law 18-101 provides that the act shall expire after 225 days of its having taken effect.
Emergency Act Amendments
For temporary (90 day) addition, see § 2(b) of First Congregational United Church of Christ Property Tax Abatement Emergency Act of 2009 (D.C. Act 18- 208, October 21, 2009, 56 DCR 8481).
Legislative History of Laws
Law 18-49, the "National Law Enforcement Museum Sales and Use Tax Credit Act of 2009", was introduced in Council and assigned Bill No. 18-99, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on June 2, 2009, and June 16, 2008, respectively. Enacted without signature by the Mayor on June 26, 2009, it was assigned Act No. 18-124 and transmitted to both Houses of Congress for its review. D.C. Law 18-49 became effective on September 23, 2009.
For history of Law 19-171, see notes under § 47-369.01.
