[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3272 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3272

   To amend the Internal Revenue Code of 1986 to extend certain tax 
         incentives for investment in the District of Columbia.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 2013

  Ms. Norton introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to extend certain tax 
         incentives for investment in the District of Columbia.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited ``District of Columbia Incentives for 
Business and Individual Investment Act''.

SEC. 2. EXTENSION OF CERTAIN TAX INCENTIVES FOR INVESTMENT IN THE 
              DISTRICT OF COLUMBIA.

    (a) In General.--Subsection (f) of section 1400 of the Internal 
Revenue Code of 1986 is amended by striking ``December 31, 2011'' each 
place it appears and inserting ``December 31, 2015''.
    (b) Tax-Exempt DC Empowerment Zone Bonds.--Subsection (b) of 
section 1400A of such Code is amended to read as follows:
    ``(b) Period of Applicability.--This section shall apply to bonds 
issued--
            ``(1) during the period beginning on January 1, 1998, and 
        ending on December 31, 2011, and
            ``(2) during the period beginning on the date of the 
        enactment of this paragraph and ending on December 31, 2015.''.
    (c) Zero-Percent Capital Gains Rate.--
            (1) Acquisition date.--Paragraphs (2)(A)(i), (3)(A), 
        (4)(A)(i), and (4)(B)(i)(I) of section 1400B(b) of such Code 
        are each amended by striking ``January 1, 2012'' and inserting 
        ``January 1, 2016''.
            (2) Limitation on period of gains.--
                    (A) In general.--Paragraph (2) of section 1400B(e) 
                of such Code is amended--
                            (i) by striking ``December 31, 2016'' and 
                        inserting ``December 31, 2020''; and
                            (ii) by striking ``2016'' in the heading 
                        and inserting ``2020''.
                    (B) Partnerships and s-corps.--Paragraph (2) of 
                section 1400B(g) of such Code is amended by striking 
                ``December 31, 2016'' and inserting ``December 31, 
                2020''.
    (d) First-Time Homebuyer Credit.--Subsection (i) of section 1400C 
of such Code is amended by striking ``January 1, 2012'' and inserting 
``January 1, 2016''.
    (e) Effective Dates.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        periods after December 31, 2011.
            (2) Tax-exempt dc empowerment zone bonds.--The amendment 
        made by subsection (b) shall apply to bonds issued after the 
        date of the enactment of this Act.
            (3) Acquisition dates for zero-percent capital gains 
        rate.--The amendments made by subsection (c) shall apply to 
        property acquired or substantially improved after December 31, 
        2011.
            (4) Homebuyer credit.--The amendment made by subsection (d) 
        shall apply to homes purchased after December 31, 2011.
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