Page:United States Statutes at Large Volume 84 Part 2.djvu/603

 84 STAT. ]

PUBLIC LAW 91-650-JAN. 5, 1971

1933

will not apply to those organisations granted an exemption under this paragraph before the date of enactment of this sentence." SEC. 203. (a) Subject to the provisions of subsection (b) of this p,f tt^"';;^^"^' section, the following property in the District of Columbia owned by emption.' the American Institute of Architects Foundation, Incorporated, a nonprofit corporation organized and existing under the laws of the State of New York, shall be exempt from taxation by the District of Columbia: (1) The real property (including the improvements thereon known as the Octagon House) which is described as lot 36 in square 170. (2) The furniture, furnishings, and other personal property located in any improvements on such real property. (b) The property described in subsection (a) shall be exempt from taxation by the District of Columbia so long as (1) that property is owned by the Foundation referred to in subsection (a) and is used in carrying on its purposes and activities and is not used for any commercial purposes; and (2) the Octagon House is (A) maintained by that Foundation as a historical building to be preserved for its architectural and historical significance, and (B) accessible to the general public without charge or payment of a fee of any kind at such reasonable hours and under such regulations as may, from time to time, be prescribed by that Foundation. The provisions of section 2 of the Act entitled "An Act to define the real property exempt from taxation in the District of Columbia", approved December 24, 1942 (D.C. Code, sec. 47-801b), shall apply with respect to the property made exempt se Stat. 1091. from taxation by this section, and the Foundation shall make the reports required by section 3 of that Act (D.C. Code, sec. 47-801c) and shall have the appeal rights provided by section 5 of that Act (D.C. Code, sec. 47-801e). (c) This section shall apply with respect to taxable years beginning Effective date. after June 30, 1969. SEC. 204. Section 3(a)(7) of title III of the District of Columbia o^'^^-tions. Income and Franchise Tax Act of 1947 (D.C. Code, sec. 47-1557b (a)(7)) is amended by adding at the end thereof the following new ^^ ^^^'' ^^^' sentence: "In the case of property held by any taxpayer on the first day of his first taxable year beginning after December 31, 1968, which, on such first day, was property described in this paragraph, any reduction in the basis of such property for purposes of computing the allowance under this paragraph which resulted from the enactment of the District of Columbia Revenue Act of 1969 shall be treated as D. Cstat. i69. ^^. Code an additional depreciation deduction which shall (subject to paragraph 47-1557b note. (14)) be allowable under this paragraph ratably over such period (beginning not earlier than the first taxable year of the taxpayer which begins after December 31, 1968), not to exceed ten taxable years, as may be agreed upon by the taxpayer and the Commissioner." SEC. 205. (a) Title III of article I of the District of Columbia ^^^t^^^^Y;^^3tf" Income and Franchise Tax Act of 1947 (D.C. Code, sec. 47-1557b) is 'AnTeTp.'sa^i.^* amended by inserting after paragraph (15) of section 3(a) the following new paragraph: "(16) Real estate investment trusts.—In the case of a real estate investment trust as defined in section 856 of the Internal Revenue Code of 1954, which meets the requirements of section 857(a) of the Internal ^^ ^t^'* i°04. Revenue Code of 1954, the dividends paid by the real estate investment trust which qualify for the dividends-paid deduction under section 857(b)(2)(C) and section 857(b)(3)(A) (ii) of the Internal Revenue ' ' ^'^'' " ' * Code of 1954, including dividends considered as having been paid during the taxable year by reason of section 858 of the Internal Revenue Code of 1954." (b) The amendment made by subsection (a) shall apply with respect Elective date. to taxable years of real estate investment trusts beginning after December 31, 1970.

�