Source: https://development.code.dccouncil.us/dc/council/code/sections/47-864.html
Timestamp: 2019-04-21 08:52:21+00:00

Document:
D.C. Law Library - § 47–864. Owner-occupant residential tax credit.
↪ § 47–864. Owner-occupant residential tax credit.
§ 47–863. Reduced tax liability for property owners over age 65 and for property owners with disabilities; rules.
§ 47–864. Owner-occupant residential tax credit.
(a) Real property receiving the homestead deduction under § 47-850 or § 47-850.01 shall receive an owner-occupant residential tax credit.
(ii) Subtract from that amount the difference of the current tax year’s homestead deduction less the prior tax year’s homestead deduction to determine the current tax year’s taxable assessment.
(2) Subtract the current tax year’s homestead deduction from the current tax year’s assessed value.
(4) If the amount determined under paragraph (3) of this subsection is a positive number, multiply the amount by the applicable real property tax rate to determine the credit for the current tax year.
(ii) Not filed timely for the entire tax year.
(d) Notwithstanding any other provision of this section, if the entire interest in the real property is transferred to a new owner and the real property no longer qualifies as a homestead pursuant to § 47-850 or § 47-851[§ 47-850.01], the real property shall be entitled to the credit applicable to the installment payable during the half tax year during which the ownership interest was transferred. At the end of the half tax year, the credit shall cease.
(e) Notwithstanding any other provision of this chapter, if the current tax year’s taxable assessment of a real property receiving the homestead deduction under § 47-850 or § 47-850.01 is less than 40% of the current tax year’s assessed value, the current tax year’s taxable assessment for purposes of subsection (b)(1) of this section shall be 40% of the current tax year’s assessed value.
(3) Not be carried forward or carried back.
This section is referenced in § 47-824, § 47-863, and § 47-3503.
D.C. Law 15-135, in subsec. (a)(2), deleted “, and subsequent years,” following “2003,”; in subsecs. (b) and (c), substituted “credit under subsection (a) of this section” for “credit”; and added subsec. (d).
D.C. Law 15-205, in subsecs. (a)(2), (b), and (c), purported to make changes already made by Law 15-135; and rewrote subsec. (d).
D.C. Law 16-33, in subsec. (d)(3)(A)(i), substituted “new owner and the return required by § 42-1103(d) and § 47-903(d) was due” for “new owner”; rewrote subsec. (d)(2); and added subsecs. (d)(3)(C) and (d)(4).
D.C. Law 16-191 rewrote the section.
D.C. Law 17-219 repealed subsec. (d).
For temporary (90 days) amendment of this section, see § 7002 of Fiscal Year 2019 Budget Support Congressional Review Emergency Act of 2018 (D.C. Act 22-458, Oct. 3, 2018, 65 DCR 11212).
For temporary (90 days) amendment of this section, see § 7002 of Fiscal Year 2019 Budget Support Emergency Act of 2018 (D.C. Act 22-434, July 30, 2018, 65 DCR 8200).
For temporary (90 day) amendment of section, see §§ 2, 3 of Owner-occupant Residential Tax Credit Emergency Act of 2002 (D.C. Act 14-306, March 25, 2002, 49 DCR 3407).
For temporary (90 day) amendment of section, see § 822 of Fiscal Year 2003 Budget Support Emergency Act of 2002 (D.C. Act 14-453, July 23, 2002, 49 DCR 8026).
For temporary (90 day) amendment of section, see § 2(e) of Owner-Occupant Residential Tax Credit and Homestead Deduction Clarification Emergency Act of 2004 (D.C. Act 15-374, February 24, 2004, 51 DCR 2618).
For temporary (90 day) amendment of section, see § 1162(f) of Fiscal Year 2005 Budget Support Emergency Act of 2004 (D.C. Act 15-486, August 2, 2004, 51 DCR 8236).
For temporary (90 day) amendment of section, see § 1162(f) of Fiscal Year 2005 Budget Support Congressional Review Emergency Act of 2004 (D.C. Act 15-594, October 26, 2004, 51 DCR 11725).
For temporary (90 day) amendment of section, see §§ 1082(d), 1083, 1262(c), 1263, 1264, 1286 to 1288 of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).
For temporary (90 day) amendment of section, see §§ 3(c), 23, 24 of Finance and Revenue Technical Amendments Second Emergency Amendment Act of 2006 (D.C. Act 16-585, December 28, 2006, 54 DCR 340).
For temporary (90 day) amendment of section, see §§ 7021(b), 7022 of Fiscal Year 2010 Budget Support Emergency Act of 2009 (D.C. Act 18-187, August 26, 2009, 56 DCR 7374).
For temporary (90 day) amendment of section, see § 7071(b) of Fiscal Year 2010 Budget Support Second Emergency Act of 2009 (D.C. Act 18-207, October 15, 2009, 56 DCR 8234).
For temporary (90 day) amendment of section, see § 7071(b) of Fiscal Year Budget Support Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-260, January 4, 2010, 57 DCR 345).
For temporary (225 day) amendment of section, see § 2 of Owner-Occupant Residential Tax Credit Temporary Act of 2002 (D.C. Law 14-160, June 25, 2002, law notification 51 DCR 6496).
For temporary (225 day) amendment of section, see § 2(e) of Owner-Occupant Residential Tax Credit and Homestead Deductions Temporary Act of 2004 (D.C. Law 15-159, May 18, 2004, law notification 51 DCR 5699).
Short title of subtitle B of title VIII of Law 14-190: Section 821 of D.C. Law 14-190 provided that subtitle B of title VIII of the act may be cited as the Owner-Occupant Residential Tax Credit of 2002.
Short title of subtitle II of title I of Law 16-33: Section 1285 of D.C. Law 16-33 provided that subtitle II of title I of the act may be cited as the Triennial Group Taxable Assessment Disparity Correction Act of 2005.
Short title: Section 7070 of D.C. Law 18-111 provided that subtitle E of title VII of the act may be cited as the “Owner-Occupant Residential Tax Credit Act of 2009”.
Section 3 of Law 15-135 provided that § 2(a), (b), and (c)(3) of the act shall apply as of October 1, 2003.
Section 1083 of D.C. Law 16-33 provided that § 1082(a)(1), (b), (d)(1), and (d)(2)(B) shall apply for taxable years beginning after September 30, 2005.
“(a) Section 1286 shall apply for taxable years beginning after September 30, 2005.

References: § 47
 § 47

§ 47

§ 47
 § 47
 § 47
 § 47
 § 47
 § 47
 § 47
 § 47
 § 47
 § 47
 § 42
 § 47
 § 7002
 § 7002
 § 822
 § 2
 § 1162
 § 1162
 § 7071
 § 7071
 § 2
 § 2
 § 2
 § 1082