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The DC Code: § 8-637.03 Environmental Savings Account Program.

Index8 Environmental and Animal Control and Protection (Refs & Annos)

The Mayor shall establish an Environmental Savings Account Program which shall permit any person, to establish an Environmental Savings Account ("ESA") for the purpose of accumulating funds to be used for the cleanup or the redevelopment of a contaminated property. Funds deposited in an ESA and the interest earned on the funds shall be exempt from District income tax; provided, that any funds withdrawn that are not used for cleanup and redevelopment shall be subject to income tax and a 10% penalty.

Historical and Statutory

Legislative History of Laws For Law 13-312, see notes following § 8-631.01. DC CODE § 8-637.03 Current through December 11, 2012

Credits

(June 13, 2001, D.C. Law 13-312, § 703, 48 DCR 3804.)