- (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.
- (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.
- 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.
- 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.
- The transfer of ownership of a Qualified High Technology Company shall not affect eligibility under this section.
- The Mayor may issue regulations to carry out the provisions of this section.
Historical and Statutory
Legislative History of Laws
For Law 13-256, see notes following § 47-1817.01.
DC CODE § 47-1817.06
Current through December 11, 2012
(Apr. 3, 2001, D.C. Law 13-256, § 403(b), 48 DCR 730.)