2018 District of Columbia Code
Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
Chapter 18 - Income and Franchise Taxes.
Subchapter XVII - Qualified High Technology Companies.
§ 47–1817.03. Tax credit to Qualified High Technology Companies for wages to qualified employees; exceptions.
(a) Except as provided in subsection (b) of this section, for taxable years beginning after December 31, 2000, a Qualified High Technology Company shall be allowed a credit against the tax imposed by § 47-1817.06 equal to 10% of the wages paid during the first 24 calendar months of employment to a qualified employee hired after December 31, 2000.
(b) The credit under subsection (a) of this section shall not be allowed:
(1) To exceed, for each qualified employee, $5,000 in a taxable year;
(2) If the Qualified High Technology Company accords the qualified employee lesser benefits or rights than it accords other employees in similar jobs;
(3) If the qualified employee was employed as the result of:
(A) The displacement, other than for cause, of another employee;
(B) A strike or lockout;
(C) A layoff in which other employees are awaiting recall; or
(D) A reduction of the regular wages, benefits, or rights of other employees in similar jobs; or
(4) If the qualified employee is a member of the board of directors of the Qualified High Technology Company or, directly or indirectly, owns a majority of its stock.
(c) If the amount of the credit allowable under this section exceeds the tax otherwise due from a Qualified High Technology Company, the unused amount of the credit may be carried forward for 10 years.
(Apr. 3, 2001, D.C. Law 13-256, § 202(b), 48 DCR 730.)
Section ReferencesThis section is referenced in § 47-1818.01 and § 47-1818.06.
