Source: https://development.code.dccouncil.us/dc/council/code/sections/1-307.67.html
Timestamp: 2019-04-23 08:23:00+00:00

Document:
D.C. Law Library - § 1–307.67. Matching funds and return of matching funds; tax exemption.
↪ Chapter 3. Specified Governmental Authority.
↪ Subchapter IV. Special Programs.
↪ Part D. Opportunity Accounts.
↪ § 1–307.67. Matching funds and return of matching funds; tax exemption.
§ 1–307.66. Eligibility to open an opportunity account; account limit.
§ 1–307.68. Use of opportunity account funds.
§ 1–307.67. Matching funds and return of matching funds; tax exemption.
(a) The administering organization shall deposit into a matching funds account for the account holder matching funds of at least $2 for every dollar that the account holder deposits into the account.
(2) The District of Columbia shall provide no more than $3,000 in the aggregate in matching funds per account.
(c) There shall be no limit on federal or private matching funds made available to an account holder.
(d) Subject to annual available appropriations, matching funds deposited into a matching funds account or withdrawn by an account holder from a matching funds account shall be exempt from taxation under District of Columbia law; provided, that any money withdrawn from a matching funds account by an account holder for an unapproved use shall be taxed as income to the account holder, unless the funds are reinstated in accordance with § 1-307.68(d).
(e) The administering organization shall deposit matching funds in an account separate from the opportunity account. The separate account may be the opportunity account reserve fund account.
(f) Except for matching funds used for an approved purpose under § 1-307.68(a) before 10 years after the establishment of the opportunity account, the matching funds shall be returned to the District of Columbia and administering organization in the same amounts as the matching funds were provided 10 years after the establishment of the opportunity account.
D.C. Law 14-42 validated a previously made technical correction in subsec. (d).
D.C. Law 18-111, in subsecs. (b) and (d), substituted “Subject to annual available appropriations” for “Subject to appropriations”.
For temporary (90 day) amendment of section, see § 17 of Technical Amendments Emergency Act of 2001 (D.C. Act 14-108, August 3, 2001, 48 DCR 7622).
For temporary (90 day) amendment of section, see § 7036 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 § 7036 of Fiscal Year Budget Support Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-260, January 4, 2010, 57 DCR 345).

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