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The DC Code: § 47-1817.03 Tax credit to Qualified High Technology Companies for wages to qualified employees; exceptions.

Index47 Taxation, Licensing, Permits, Assessments, and Fees. (Refs & Annos)
a
Except as provided in subsection (b) of this section, for taxable years beginning after December 31, 2000, a Qualified High Technology Company shall be allowed a credit against the tax imposed by § 47-1817.06 equal to 10% of the wages paid during the first 24 calendar months of employment to a qualified employee hired after December 31, 2000.
b
The credit under subsection (a) of this section shall not be allowed:
1
To exceed, for each qualified employee, $5,000 in a taxable year;
2
If the Qualified High Technology Company accords the qualified employee lesser benefits or rights than it accords other employees in similar jobs;
3
If the qualified employee was employed as the result of:
A
The displacement, other than for cause, of another employee;
B
A strike or lockout;
C
A layoff in which other employees are awaiting recall; or
D
A reduction of the regular wages, benefits, or rights of other employees in similar jobs; or
4
If the qualified employee is a member of the board of directors of the Qualified High Technology Company or, directly or indirectly, owns a majority of its stock.
c
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

Legislative History of Laws For Law 13-256, see notes following § 47-1817.01. DC CODE § 47-1817.03 Current through December 11, 2012

Credits

(Apr. 3, 2001, D.C. Law 13-256, § 202(b), 48 DCR 730.)