Page:United States Statutes at Large Volume 88 Part 1.djvu/1104

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PUBLIC LAW 93-407-SEPT. 3, 1974

[88 STAT.

437 may, for whatever sum it deems appropriate, be transferred to persons meeting criteria which shall be established by the Council, who guarantee to pay taxes on and to live in the property for at least five years, and who give assurance of bringing such property into reasonable compliance with the building code in the District. PART 3—REAL AND PERSONAL PROPERTY TAX EXEMPTIONS

l^c^'cldfTy^-' 801a.'

SEC. 441. The first section of the Act of December 24, 1942 (D.C. Code, sec. 47-801 (a)) is amended, on and after July 1, 1974, by adding at the end thereof the following: "(s) Buildings owned by and actually occupied and used for legitimate theater, music, or dance purposes by a corporation which is not organized or operated for commercial purposes or for private gain, which buildings are open to the public, generally, and for admission to which charges may be made to cover the cost of expenses." ro'ert°^ ^ublicl^^^- ^^^' "^^^ CommissioncT shall publish, by class and by individual tion. ' property, a listing of all real property exempt from the real property D.C. Code 47- " tax in the District. Such listing shall include the address, lot, and square, the name of the owner, the assessed value of the land and improvements of such property, and the amount of the tax exemption in the previous fiscal year. PART 4—PROPERTY TAX CREDIT FOR DISTRICT or COLUMBIA RESIDENTS Effective date. D.C. Code 471567.

D^C. Code 47-

1567g

SEC. 451. Effective January 1, 1975, title VI of the District of Columbia Income and Franchise Act of 1947 is amended by adding at the end thereof the following new section: " SEC. 7. CREDIT FOR PROPERTY TAXES ACCRUED AND PAYABLE BY DISTRICT OF COLUMBIA RESIDENTS.— (a)(1) For purposes of providing relief to certain District of Columbia residents who own or rent their principal place of abode and who reside in same, a credit shall be allowed to the eligible claimant equal to the amount by which all or a portion of real property taxes the taxpayer pays, or rent paid constituting property taxes, on his principal place of residence for the taxable year, exceeds a percentage (determined under subsection (a)(2)) of his household gross income for that year. "(2) The percentage required under paragraph (1) of this subsection to be determined under this subsection for taxpayers shall be the percentage specified in the following table: The percentage of property tax paid on the first "If household gross $400 of property tax, or rent constituting propincome is: erty tax, which shall constitute credit is: Under $3,000 80 per centum of tax in excess of 2 per centum of income. $3,000 to $4,999 70 per centum of tax in excess of 3 per centum of income. $5,000 to $6,999 60 per centum of tax in excess of 4 per centum of income. "(b) DEFINITIONS.—For purposes of this section: "(1)(A) The term 'household gross income' means gains, profits, and income derived from salaries, wages, or compensation for personal services of whatever kind and in whatever form paid, including salaries, wages, and compensation paid by the United States to its officers and employees, or income derived from any trade or business or sales or dealings in property, whether real or personal, including capital assets as defined in this article growing out of the ownership or sale of or interest in such property; income from rent, royalties,

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