§ 47–1808.02. Tax on unincorporated businesses — Definitions.

For purposes of this subchapter, the term:

(1) “Taxable income” means the amount of net income derived from sources within the District, within the meaning of §§ 47-1810.01 to 47-1810.03, in excess of the exemption granted under § 47-1808.04; provided, that taxable income shall not include the gross income of a qualified community development entity, as defined in section 45D(c)(1) of the Internal Revenue Code of 1986, that has received an allocation or suballocation of new markets tax credits pursuant to section 45D(f) of the Internal Revenue Code of 1986, but only to the extent that the gross income is derived from one or more qualified low-income community investments, as defined in section 45D(d)(1) of the Internal Revenue Code of 1986.

(2) “Taxable period” means a taxable year, or a portion of a taxable year.

(July 16, 1947, 61 Stat. 346, ch. 258, art. I, title VIII, § 2; Sept. 26, 1984, D.C. Law 5-113, § 302(b)(1), 31 DCR 3974; Oct. 1, 1987, D.C. Law 7-29, § 2(h)(2), 34 DCR 5097; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Sept. 18, 2007, D.C. Law 17-20, § 1022, 54 DCR 7052; Dec. 3, 2020, D.C. Law 23-149, § 7012, 67 DCR 10493.)

Prior Codifications

1981 Ed., § 47-1808.2.

1973 Ed., § 47-1574a.

Section References

This section is referenced in § 47-1801.04, § 47-1812.08, and § 47-4215.

Effect of Amendments

D.C. Law 17-20, in par. (1), inserted “; provided, that taxable income shall not include the gross income of a qualified community development entity, as defined in section 45D(c)(1) of the Internal Revenue Code of 1986, that has received an allocation or suballocation of new markets tax credits pursuant to section 45D(f) of the Internal Revenue Code of 1986, but only to the extent that the gross income is derived from one or more qualified low-income community investments, as defined in section 45D(d)(1) of the Internal Revenue Code of 1986”.

Applicability

Section 7003 of D.C. Law 23-149 provided that the changes made to this section by D.C. Law 23-149 shall apply as of July 1, 2021.

Emergency Legislation

For temporary (90 day) amendment of section, see §§ 1022, 1023 of Fiscal Year 2008 Budget Support Emergency Act of 2007 (D.C. Act 17-74, July 25, 2007, 54 DCR 7549).

Short Title

Short title: Section 1021 of D.C. Law 17-20 provided that subtitle C of title I of the act may be cited as the “New Markets Tax Credit Clarification Act of 2007”.

Editor's Notes

Applicability: Section 1023 of D.C. Law 17-20 provided: “Section 1022 shall apply as of October 1, 2007.”

Mayor authorized to issue rules: See second paragraph of note to § 47-2601.