(a) As of August 13, 2010, the real property described as Lot 49, Square 281, owned by King Housing, LLC, or by an entity controlled, directly or indirectly, by King Housing, LLC, shall be exempt from taxation under Chapter 8 of this title so long as the real property continues to be owned by King Housing, LLC., or by an entity controlled, directly or indirectly, by King Housing, LLC, or continues to be under applicable use restrictions during a federal low-income housing tax credit compliance period or any other federal program governing income and use restrictions at the property, and is not used for commercial purposes, subject to the provisions of §§ 47-1005, 47-1007, and 47-1009.

(b) The conveyance of the real property to King Housing, LLC, to or an entity controlled directly or indirectly by King Housing, LLC, shall be exempt from the tax imposed by §§ 42-1103 and 47-903.

(c) The exemptions provided in this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to either the real property or its owner.

(d) The Council orders that all economic interest transfer tax, penalties, interest, fees, and other related charges assessed against the real property as described in this section be forgiven, and that any payments already made be refunded.

CREDIT(S)

(Oct. 15, 2010, D.C. Law 18-237, § 2(b), 57 DCR 7162; July 13, 2012, D.C. Law 19-153, § 2, 59 DCR 5138.)

HISTORICAL AND STATUTORY NOTES

Effect of Amendments
D.C. Law 19-153 rewrote the section, which formerly read:
“The real property described as Lot 49, Square 281, owned by King Housing, LLC., or by an entity controlled, directly or indirectly, by King Housing, LLC., shall be exempt from taxation under Chapter 8 of this title so long as the real property continues to be owned by King Housing, LLC., or by an entity controlled, directly or indirectly, by King Housing, LLC., or continues to be under applicable use restrictions during a federal low-income housing tax credit compliance period or any other federal program governing income and use restrictions at the property, and is not used for commercial purposes, subject to the provisions of §§ 47-1005, 47-1007, and 47-1009.”
Legislative History of Laws
Law 18-237, the “King Towers Residential Housing Real Property Tax Exemption Act of 2010”, was introduced in Council and assigned Bill No. 18-749, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on June 15, 2010, and June 29, 2010, respectively. Signed by the Mayor on July 19, 2010, it was assigned Act No. 18-485 and transmitted to both Houses of Congress for its review. D.C. Law 18-237 became effective on October 15, 2010.
Law 19-153, the “King Towers Residential Housing Real Property Tax Exemption Clarification Act of 2012”, was introduced in Council and assigned Bill No. 19-530, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on April 17, 2012, and May 1, 2012, respectively. Signed by the Mayor on May 11, 2012, it was assigned Act No. 19-359 and transmitted to both Houses of Congress for its review. D.C. Law 19-153 became effective on July 13, 2012.
Miscellaneous Notes
Section 3 of D.C. Law 19-153 provides:
“Sec. 3. Applicability.
“This act shall apply upon the inclusion of its fiscal effect in an approved budget and financial plan.”

(a) As of August 13, 2010, the real property described as Lot 49, Square 281, owned by King Housing, LLC, or by an entity controlled, directly or indirectly, by King Housing, LLC, shall be exempt from taxation under Chapter 8 of this title so long as the real property continues to be owned by King Housing, LLC., or by an entity controlled, directly or indirectly, by King Housing, LLC, or continues to be under applicable use restrictions during a federal low-income housing tax credit compliance period or any other federal program governing income and use restrictions at the property, and is not used for commercial purposes, subject to the provisions of §§ 47-1005, 47-1007, and 47-1009.

(b) The conveyance of the real property to King Housing, LLC, to or an entity controlled directly or indirectly by King Housing, LLC, shall be exempt from the tax imposed by §§ 42-1103 and 47-903.

(c) The exemptions provided in this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to either the real property or its owner.

(d) The Council orders that all economic interest transfer tax, penalties, interest, fees, and other related charges assessed against the real property as described in this section be forgiven, and that any payments already made be refunded.

CREDIT(S)

(Oct. 15, 2010, D.C. Law 18-237, § 2(b), 57 DCR 7162; July 13, 2012, D.C. Law 19-153, § 2, 59 DCR 5138.)

HISTORICAL AND STATUTORY NOTES

Effect of Amendments
D.C. Law 19-153 rewrote the section, which formerly read:
“The real property described as Lot 49, Square 281, owned by King Housing, LLC., or by an entity controlled, directly or indirectly, by King Housing, LLC., shall be exempt from taxation under Chapter 8 of this title so long as the real property continues to be owned by King Housing, LLC., or by an entity controlled, directly or indirectly, by King Housing, LLC., or continues to be under applicable use restrictions during a federal low-income housing tax credit compliance period or any other federal program governing income and use restrictions at the property, and is not used for commercial purposes, subject to the provisions of §§ 47-1005, 47-1007, and 47-1009.”
Legislative History of Laws
Law 18-237, the “King Towers Residential Housing Real Property Tax Exemption Act of 2010”, was introduced in Council and assigned Bill No. 18-749, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on June 15, 2010, and June 29, 2010, respectively. Signed by the Mayor on July 19, 2010, it was assigned Act No. 18-485 and transmitted to both Houses of Congress for its review. D.C. Law 18-237 became effective on October 15, 2010.
Law 19-153, the “King Towers Residential Housing Real Property Tax Exemption Clarification Act of 2012”, was introduced in Council and assigned Bill No. 19-530, which was referred to the Committee on Finance and Revenue. The Bill was adopted on first and second readings on April 17, 2012, and May 1, 2012, respectively. Signed by the Mayor on May 11, 2012, it was assigned Act No. 19-359 and transmitted to both Houses of Congress for its review. D.C. Law 19-153 became effective on July 13, 2012.
Miscellaneous Notes
Section 3 of D.C. Law 19-153 provides:
“Sec. 3. Applicability.
“This act shall apply upon the inclusion of its fiscal effect in an approved budget and financial plan.”