Tax Increment Financing Amendment Emergency Act of 1998
Bill 12-827

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AN ACT IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

To amend, on an emergency basis, the Tax Increment Financing Authorization Act of 1998 to exclude certain sales taxes from allocation to Metrorail/Metrobus Account.

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Tax Increment Financing Amendment Emergency Act of 1998."

Sec. 2. Section 2(4) of the Tax Increment Financing Authorization Act of 1998, effective September 11, 1998 (D.C. Law 12-143; to be codified at D.C. Code §1- 2293.1(4)), is amended by striking the phrase ", and the portion thereof required to be deposited in the Metrorail/Metrobus Account pursuant to section 2(b)(2)(A) of the Stable and Reliable Source of Revenues for WMATA Act of 1982, effective April 30, 1982 (D.C. Law 4-103; D.C. Code §1-2466(b)(2)(A))".

Sec. 3. Section 2(b)(2)(A) of the Stable and Reliable Source of Revenues for WMATA Act of 1982, effective April 30, 1982 (D.C. Law 4-103; D.C. Code §1- 2466(b)(2)(A)), is amended and restated in its entirety to read as follows:

(A)(i) Except as provided in subsubparagraph (ii), section 47-2002(1), (2) and (3).

"(ii) Beginning on and after January 1, 1999, sales tax increment revenues (as defined in section 2(4) of the Tax Increment Financing Authorization Act of 1998, effective September 11, 1998 (D.C. Law 12-143; D.C. Code §1-2293.1(4)), as amended) shall be excluded from the revenues described in subsubparagraph (i).".

Sec. 4. Fiscal impact statement.

(a) To the extent that this act allows the Tax Increment Financing Authorization Act of 1998, effective September 11, 1998 (D.C. Law 12-143; to be codified at D.C. Code §1- 2293.1 et seq.) ("TIF Act") to function as originally intended, the fiscal impact statement in section 13 of the TIF Act is incorporated herein by reference.

(b) Except as set forth in section 4(a), this act will have no fiscal impact because the relatively small future sales tax revenues that will no longer be allocated to the Metrorail/Metrobus Account would have been surplus revenues in such Account and would have reverted to general revenues.

Sec. 5. This act shall apply to any project approved by the Council (as provided in section 5 of the TIF Act) after the effective date of this act.

Sec. 6. This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto) and approval by the Financial Responsibility and Management Assistance Authority as provided in section 203(a) of the District of Columbia Financial Responsibility and Management Assistance Act of 1995, approved April 17, 1995 (109 Stat. 116; D.C. Code §47-392.3(a)), and shall remain in effect for no longer than 90 days, as provided for emergency acts of the Council of the District of Columbia in section 412(a) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 788; D.C. Code §1-229(a)).