Source: https://development.code.dccouncil.us/dc/council/code/sections/47-4608.html
Timestamp: 2019-04-21 08:41:22+00:00

Document:
D.C. Law Library - § 47–4608. DC-USA development project — Tax exemptions.
↪ § 47–4608. DC-USA development project — Tax exemptions.
§ 47–4609. New Convention Center Hotel project-deed and recordation tax exemption.
(2) “Developer” means DC USA Operating Co. LLC.
(3) “Development Sponsor” means the National Capital Revitalization Corporation, any subsidiary thereof, or assignee thereof.
(4) “Parking Garage Unit” means the underground parking garage for approximately 1,000 automobiles which will be one of 3 commercial condominium units comprising the DC-USA Project.
(b) The DC-USA Project shall be exempt from the tax imposed by §§ 42-1103 and 47-903.
(c)(1) The sales and rental of tangible personal property to be incorporated in or consumed in the course of the development, construction, equipping, and furnishing of the DC-USA Project, whether or not the sale, material, rental, or nature of the property is incorporated as a permanent part of the DC-USA Project, shall be exempt from the tax imposed by § 47-2002.
(2) The sales tax exemption granted by paragraph (1) of this subsection shall apply upon the conveyance of the real property to the Developer by the Development Sponsor.
(3) The sales tax exemption granted by paragraph (1) of this subsection shall terminate upon the issuance of a Certificate of Occupancy for the DC-USA Project.
(d)(1) The DC-USA Project shall be exempt from the tax imposed by Chapter 8 [of this title].
(2) The real property tax exemption granted by paragraph (1) of this subsection shall apply upon the conveyance of the real property to the Developer by the Development Sponsor.
(3) The real property exemption granted by paragraph (1) of this subsection shall terminate upon the conveyance of the Parking Garage Unit from the Developer to the Development Sponsor.
(e) The amount of taxes exempt pursuant to subsections (c) and (d) of this section shall not exceed, in the aggregate, $1,029,000.
(f) The amount of all taxes exempt pursuant to this section shall be in addition to any other tax relief or assistance from any other source applicable to the DC-USA Project.
D.C. Law 16-191, in the section designation, validated a previously made technical correction.
For temporary (90 day) addition, see § 2(b) of DC-USA Economic Development Emergency Act of 2005 (D.C. Act 16-247, December 22, 2005, 53 DCR 277).
For temporary (90 day) addition, see § 2(b) of DC-USA Economic Development Congressional Review Emergency Act of 2006 (D.C. Act 16-326, March 23, 2006, 53 DCR 2579).
For temporary (90 day) amendment of section, see § 4(a) 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) addition, see § 3(b) of Eastern Market and Georgetown Public Library Disaster Relief Emergency Act of 2007 (D.C. Act 17-53, June 21, 2007, 54 DCR 6589).
For temporary (90 days) tax increment revenue bonds DC USA project extension, see § 7022-7024 of the Fiscal Year 2014 Budget Support Emergency Act of 2013 (D.C. Act 20-130, July 30, 2013, 60 DCR 11384, 20 DCSTAT 1827).
For temporary (90 days) tax increment revenue bonds DC USA project extension, see § 7022 and 7023 of the Fiscal Year 2014 Budget Support Congressional Review Emergency Act of 2013 (D.C. Act 20-204, October 17, 2013, 60 DCR 15341, 20 DCSTAT 2311).
“47-4607. DC-USA development project-tax exemptions.
“(2) ‘Developer’ means DC USA Operating Co. LLC.
“(3) ‘Development Sponsor’ means the National Capital Revitalization Corporation, any subsidiary thereof, or assignee thereof.
“(4) ‘Parking Garage Unit’ means the underground parking garage for approximately 1,000 automobiles which will be one of 3 commercial condominium units comprising the DC-USA Project.
“(b) The DC-USA Project shall be exempt from the tax imposed by §§ 42-1103 and 47-903.
“(c)(1) The sales and rental of tangible personal property to be incorporated in or consumed in the course of the development, construction, equipping, and furnishing of the DC-USA Project, whether or not the sale, material, rental, or nature of the property is incorporated as a permanent part of the DC-USA Project, shall be exempt from the tax imposed by § 47-2002.
“(2) The sales tax exemption granted by paragraph (1) of this subsection shall apply upon the conveyance of the real property to the Developer by the Development Sponsor.
“(3) The sales tax exemption granted by paragraph (1) of this subsection shall terminate upon the issuance of a Certificate of Occupancy for the DC-USA Project.
“(d)(1) The DC-USA Project shall be exempt from the tax imposed by Chapter 8.
“(2) The real property tax exemption granted by paragraph (1) of this subsection shall apply upon the conveyance of the real property to the Developer by the Development Sponsor.
“(3) The real property exemption granted by paragraph (1) of this subsection shall terminate upon the conveyance of the Parking Garage Unit from the Developer to the Development Sponsor.
Section 4(b) of D.C. Law 16-77 provides that the act shall expire after 225 days of its having taken effect.
“§ 47-4608. Exemption from remittance of business taxes and sales taxes for dislocated interior Eastern Market tenants.
Section 5(b) of D.C. Law 17-28 provides that the act shall expire after 225 days of its having taken effect.
Section 7021 of D.C. Law 20-61 provided that Subtitle B of Title VII of the act may be cited as the “Tax Increment Revenue Bonds D Extension Act of 2013”.
“(1) ‘Available Real Property Tax Revenues’ means the revenues resulting from the imposition of the tax provided for in Chapter 8 of Title 47 of the District of Columbia Official Code and the tax imposed by D.C. Official Code § 47-1005.01, including any penalties and interest charges, exclusive of the special tax provided for in section 481 of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 807; D.C. Official Code § 1-204.81), pledged to the payment of general obligation indebtedness of the District.
“(2) ‘Available Sales Tax Revenues’ means the revenues resulting from the imposition of the tax imposed pursuant to Chapter 20 of Title 47 of the District of Columbia Official Code, including any penalties and interest charges, exclusive of the portion thereof required to be deposited in the Washington Convention Center Fund established pursuant to section 208 of the Washington Convention Center Authority Act of 1994, effective September 28, 1994 (D.C. Law 10-188; D.C. Official Code § 10-1202.08).
“(3) ‘Available Tax Increment’ means the sum of the Available Sales Tax Revenues and Available Real Property Tax Revenues generated by the DC-USA Project TIF Area minus the sum of Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the respective base year, as certified by the Chief Financial Officer.
“(4) ‘Bonds’ means the $46.9 million National Capital Revitalization Variable Rate Revenue Bonds (DC USA Parking Garage Project) Series 2006.
“(5) ‘Chief Financial Officer’ means the Chief Financial Officer of the District of Columbia.

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