District of Columbia Incentives for Business and Individual Investment Act

To amend the Internal Revenue Code of 1986 to extend certain tax incentives for investment in the District of Columbia. 1. Short title This Act may be cited District of Columbia Incentives for Business and Individual Investment Act 2. Extension of certain tax incentives for investment in the District of Columbia (a) In general Subsection (f) of section 1400 of the Internal Revenue Code of 1986 is amended by striking December 31, 2011 December 31, 2015 (b) Tax-Exempt DC empowerment zone bonds Subsection (b) of section 1400A of such Code is amended to read as follows: (b) Period of applicability This section shall apply to bonds issued— (1) during the period beginning on January 1, 1998, and ending on December 31, 2011, and (2) during the period beginning on the date of the enactment of this paragraph and ending on December 31, 2015. . (c) Zero-Percent capital gains rate (1) Acquisition date Paragraphs (2)(A)(i), (3)(A), (4)(A)(i), and (4)(B)(i)(I) of section 1400B(b) of such Code are each amended by striking January 1, 2012 January 1, 2015 (2) Limitation on period of gains (A) In general Paragraph (2) of section 1400B(e) of such Code is amended— (i) by striking December 31, 2016 December 31, 2020 (ii) by striking 2016 2020 (B) Partnerships and S-corps Paragraph (2) of section 1400B(g) of such Code is amended by striking December 31, 2016 December 31, 2020 (d) First-Time homebuyer credit Subsection (i) of section 1400C of such Code is amended by striking January 1, 2012 January 1, 2015 (e) Effective dates (1) In general Except as otherwise provided in this subsection, the amendments made by this section shall apply to periods after December 31, 2011. (2) Tax-exempt DC empowerment zone bonds The amendment made by subsection (b) shall apply to bonds issued after the date of the enactment of this Act. (3) Acquisition dates for zero-percent capital gains rate The amendments made by subsection (c) shall apply to property acquired or substantially improved after December 31, 2011. (4) Homebuyer credit The amendment made by subsection (d) shall apply to homes purchased after December 31, 2011.

Summary: District of Columbia Incentives for Business and Individual Investment Act - Amends the Internal Revenue Code, with respect to tax incentives for investment in the District of Columbia, to: (1) reauthorize provisions for designating a District of Columbia Enterprise Zone and extend the deadline for such designation until December 31, 2015; (2) reauthorize the issuance authority for District of Columbia tax-exempt economic development bonds and extend until December 31, 2015, the deadline for issuing such bonds; (3) extend through 2014 the period for acquiring DC Zone assets (i.e., DC Zone business stock, partnership interests, and business property) eligible for an exemption from capital gains tax and through 2020 the period during which gain from the sale of such assets shall qualify for such exemption; and (4) extend through December 31, 2014, the deadline for purchasing a residence in the District of Columbia to qualify for the first-time District of Columbia homebuyers tax credit.