H.R.3244 - District of Columbia Economic Recovery Act104th Congress (1995-1996)
|Sponsor:||Rep. Norton, Eleanor Holmes [D-DC-At Large] (Introduced 04/15/1996)|
|Committees:||House - Ways and Means|
|Latest Action:||09/25/1996 Sponsor introductory remarks on measure. (CR E1690) (All Actions)|
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Summary: H.R.3244 — 104th Congress (1995-1996)All Information (Except Text)
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.