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|Frank Smith, Jr.
A BILL IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
To encourage District employees to live in the city by providing an income tax credit and real property tax credit to any employee who is a first time home buyer and who purchases a real property in the District and uses it as his or her primary residence.
BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA,
That this act may be cited as the "District of Columbia Employees Residency Incentive Tax Credit Act of 1998".
There shall be extended to any District of Columbia government employee who is a first-time homebuyer as defined in the Metropolitan Police Housing Assistance and Community Safety Act of 1993, effective Feb. 23, 1994 (D.C. Law 10-70, D.C. Code §45-2231(2)), the real property tax credit and the income tax credit as provided in the Metropolitan Police Housing Assistance and Community Safety Act of 1993, effective Feb. 23, 1994 (D.C. Law 10-70, D.C. Code §45-2226); provided that the employee purchases a real property in the District and actually uses it as his or her primary residence.
Sec. 3. Effective Date.
This act shall take effect following approval by the Mayor (or in the event of a veto by the Mayor, action by the Council of the District of Columbia to override the veto), approval by the Financial Responsibility and Management Assistance Authority (as provided in section 203(a) of the District of Columbia Financial Responsibility and Management Assistant Authority Act of 1995, approved April 17, 1995 (109 Stat. 116; D.C. Code §47-392.3(c)), and a 30-day period of Congressional review as provided in §602(c)(1) of the District of Columbia Self-Government and Governmental Reorganization Act, approved December 24, 1973 (87 Stat. 813; D.C. Code §1233(c)(1)), and publication in the District of Columbia Register.