- For the purposes of this section, the term "relocation costs" means amounts paid to, or on behalf of, a qualified employee:
- For reimbursement of actual moving expenses; or
- To assist the employee in financing the purchase of a residence, or the required security deposit or lease payments for the first 12 months of a lease for a residence under a lease of at least one year, which purchase or lease is entered into after December 31, 2000.
- (1) Except as provided in subsection (c) of this section, for taxable years beginning after December 31, 2000, a Qualified High Technology Company shall be allowed a credit not to exceed:
- $5,000 against the tax imposed by § 47-1817.06 for the relocation costs for each qualified employee relocated to the District from a location outside the District; or
- $7,500 against the tax imposed by § 47-1817.06 for the relocation costs for each qualified employee relocated to the District from a location outside the District, which employee also relocates his or her principal residence into the District.
- The credit may be claimed for costs incurred after December 31, 2000, in connection with qualified employees relocated to the District after that date.
- (1) The annual credit under subsection (b) of this section shall not exceed, in the aggregate:
- $250,000 for the credit allowed under subsection (b)(1)(A) of this section; and
- $1,000,000 for the credit allowed under subsection (b)(1)(B) of this section.
- The credit under subsection (b) of this section shall not be allowed:
- Until the Qualified High Technology Company relocates at least 2 qualified employees into the District;
- Until the Qualified High Technology Company has employed the qualified employee for at least 6 months in the District;
- As a credit for employees who work less than 35 hours per week;
- If the qualified employee is a member of the board of directors of the Qualified High Technology Company, directly or indirectly owns a majority of its stock, or is related to a member of the board of directors or a majority stockholder as a spouse, domestic partner, or a relative listed in the definition of "dependent" in section 152 of the Internal Revenue Code of 1986, without regard to source of income; or
- If the Qualified High Technology Company has claimed a deduction for the relocation costs.
- If the amount of the credit allowable under this section exceeds the tax otherwise due from a Qualified High Technology Company, the unused amount of the credit may be carried forward for 10 years.
Historical and Statutory
Effect of Amendments
D.C. Law 17-231, in subsec. (c)(2)(D), substituted "spouse, domestic partner," for "spouse".
Legislative History of Laws
For Law 13-256, see notes following § 47-1817.01.
For Law 17-231, see notes following § 47-802.
DC CODE § 47-1817.02
Current through December 11, 2012
(Apr. 3, 2001, D.C. Law 13-256, § 201(b), 48 DCR 730; Sept. 12, 2008, D.C. Law 17-231, § 41(n), 55 DCR 6758.)