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AN ACT IN THE COUNCIL OF DISTRICT OF COLUMBIA
To amend, on a temporary basis, section 47-864 of the District of Columbia Official Code to provide a tax credit to owner-occupants of residential real property to limit the amount of the real property tax to 125% of the real property tax for the prior tax year.
BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this Act may cited as the "Owner-Occupant Residential Tax Credit Temporary Act of 2002".
Sec. 2. Section 47-864 of the District of Columbia Official Code is amended to read as follows:
Sec. 3. Inclusion in the budget and financial plan.
This act shall take effect subject to the inclusion of its fiscal effect in an approved budget and financial plan.
Sec. 4. Fiscal impact statement.
The Council adopts the attached fiscal impact statement as the fiscal impact statement required by section 602(c)(3) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code §1-206.02(c)(3)).
Sec. 5. Effective date.
(a) 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), a 30-day period of Congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 788; D.C. Official Code §1-206.02(c)(1)), and publication in the District of Columbia Register.
(b) This act shall expire after 225 days of its having taken effect.
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