District of Columbia Tax Incentives Improvement Act of 2006
About This Bill
Committee
Latest Action · April 25, 2006
Referred to the Committee on Ways and Means, and in addition to the Committees on the Judiciary, and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
District of Columbia Tax Incentives Improvement Act of 2006 - Amends the Internal Revenue Code to establish until December 31, 2009, a DC Development Target Area and a DC Employment Target Area as empowerment zones to provide tax incentives for investment and economic development in the District of Columbia.
Reinstates with modified provisions the exclusion from gross income of all gain from the sale or exchanges of an expanded DC Zone asset held for more than five years. Includes as an expanded DC Zone asset certain business stock, partnership interests, and business property purchased or acquired in a District of Columbia enterprise zone after December 31, 1997, and before January 1, 2010.
Increases the amount of the tax credit for first-time District of Columbia homebuyers to $10,000 and extends such credit through 2009.
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