Page:United States Statutes at Large Volume 80 Part 1.djvu/894

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PUBLIC LAW 89-610-SEPT. 30, 1966

[80 STAT.

TITLE VII—AMENDMENTS TO THE DISTRICT OF COLUMBIA INCOME AND FRANCHISE T A X ACT O F 1947 70 Stat. 70.

SEC. 701. Section 3 of title VI of the District of Columbia Income and Franchise Tax Act of 1947 (D.C. Code, sec. 47-1567b(a)), is amended to read as follows: "SEC. 3. IMPOSITION AND RATES OF TAX.—-There is hereby annually

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78 Stat. 114.

levied and imposed for each taxable year upon the taxable income of every resident a tax at the following rates: "Two and one-half per centum on the first $2,000 of taxable income. "Three per centum on the next $2,000 of taxable income. "Three and one-half per centum on the next $2,000 of taxable income. "Four per centum on the next $2,000 of taxable income. "Four and one-half per centum on the next $2,000 of taxable income. "Five per centum on the taxable income in excess of $10,000." SEC. 702. The amendment made by section 701 of this title shall be applicable to taxable years beginning after December 31, 1965. SEC. 703. Effective with respect to taxable years ending after December 31, 1961, section 4 of the District of Columbia Income and Franchise Tax Act of 1947 (D.C. Code, sec. 47-1551c) is amended by adding at the end thereof the following new subsection: "(aa) Notwithstanding subsection (m), any distribution in liquidation of a regulated public utility (as defined in section 7701(a) (33) ^^^ ^•••^ ^f ^j^g Internal Revenue Code of 1954) which, for purposes of the Internal Revenue Code of 1954, is treated as in part or full payment in exchange for the stock in such utility, shall, if for purposes of this article the stock is a capital asset, be treated as in part or full payment in exchange for the stock." TITLE VIII — AMENDMENTS TO THE MOTOR V E H I C L E FUEL TAX

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SEC. 801. The first section of the Act entitled "An Act to provide for a tax on motor vehicle fuels sold within the District of Columbia, and for other purposes", approved April 23, 1924 (43 Stat. 106; D.C. Code, sec. 47-1901), as amended, is amended by striking " 6 " and inserting in lieu thereof "7". SEC. 802. Section 14 of such Act approved April 23, 1924 (D.C. Code, sec. 47-1912), as amended, is amended by striking out " 6 " and inserting in lieu thereof "7". SEC. 803. The amendments made by section 801 and 802 of this title shall take effect on the first day of the first month which begins more than thirty days after the date of approval of this Act. TITLE IX—ABATEMENT OF TAXES SEC. 901. The Commissioners are authorized to abate the unpaid portion of the assessment of any tax, or any liability in respect thereof, other than taxes on real property, if the Commissioners determine under unform rules prescribed by them that the administration and collection costs involved would not warrant collection of the amount due. TITLE X—GENERAL PROVISIONS SEC. 1001. Subsection (a) of section 402 of the District of Columbia Public Works Act of 1954 (68 Stat. 110; D.C. Code, sec. 7-133 (a)) is amended by striking "$50,250,000" and inserting in lieu thereof "$85,250,000".

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