legislation: 104-s-1988

Congressional bills and resolutions from Congress.gov, filtered to policy areas relevant to environmental, health, agriculture, and wildlife regulation.

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
104-s-1988 104 s 1988 District of Columbia Economic Recovery Act Taxation 1996-07-24 1996-07-24 Read twice and referred to the Committee on Finance. Senate Sen. Mack, Connie, III [R-FL] FL R M000019 5 District of Columbia Economic Recovery Act - Amends the Internal Revenue Code to allow residents of the District of Columbia to elect to limit their net income tax to the sum of: (1) 15 percent of so much District-sourced income as exceeds the exemption amount; and (2) the average rate of the non-District-sourced adjusted gross income. Excludes from gross income the capital gain on a District asset held over three years, but excludes only 50 percent of the capital gain on residential rental property held by non-District residents over three years. Allows a taxpayer to elect to treat any qualified environmental remediation expenditure involving a District site as an expense that is not chargeable to capital account. Allows a deduction for any expenditure so treated. Allows a first-time home buyer of a principal residence in the District a credit of up to $5,000. 2025-08-21T20:14:46Z  

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