Summary: H.R.3244 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.3244. Bill summaries are authored by CRS.

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Introduced in House (04/15/1996)

District of Columbia Economic Recovery Act - Amends the Internal Revenue Code to set forth a limitation on the income tax imposed on individuals who are residents of the District of Columbia. Specifies that the limitation is 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. Sets forth definitions, including for "resident of the District of Columbia" and "exemption amount."

Provides for the tax treatment of certain sources of income.