Source: https://development.code.dccouncil.us/dc/council/code/sections/47-1807.05.html
Timestamp: 2019-04-23 21:00:53+00:00

Document:
D.C. Law Library - § 47–1807.05. Reduction of tax credit for insurance premiums; exceptions.
↪ § 47–1807.05. Reduction of tax credit for insurance premiums; exceptions.
§ 47–1807.04. Tax credit to qualified businesses for wages to qualified employees; exceptions.
§ 47–1807.06. Tax credit for income that includes rent charged to licensed, nonprofit child development center; exceptions.
§ 47–1807.05. Reduction of tax credit for insurance premiums; exceptions.
(a) Except as provided in subsection (b) of this section, for taxable years beginning after December 31, 1988, the amount of tax payable under this chapter by an incorporated business approved as qualified under § 6-1504 shall be reduced by a credit equal to 50% of the insurance premiums attributable to a certified employee paid to insure employers against liability for compensation to residents of the District of Columbia under Chapter 15 of Title 32, for each of the first 24 months during which the qualified incorporated business has employed a certified employee.
(7) If the certified employee is a member of the board of directors of the qualified incorporated business, directly or indirectly owns a majority of its stock, or is related to a member of the board of directors or a majority stockholder as a spouse or domestic partner or as any relative listed in the definition of “dependent” in § 152 of the Internal Revenue Code of 1986 (26 U.S.C. § 152), without regard to source of income.
(2) Claimed for any taxable year in which the qualified incorporated business was not located within an economic development zone or did not employ a certified employee.
This section is referenced in § 6-1504 and § 47-1808.07.
D.C. Law 17-231, in subsec. (b)(7), substituted “spouse or domestic partner” for “spouse”.
Mayor authorized to issue rules: See Historical and Statutory Notes following § 47-1803.03.

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