To amend, on an emergency basis, Chapter 18 of Title 47 of the District of Columbia Official Code to clarify the franchise tax rates so that they correspond with existing law regarding tax reform procedure and priority.
BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Franchise Tax Clarification Emergency Amendment Act of 2016".
Sec. 2. Chapter 18 of Title 47 of the District of Columbia Official Code is amended as follows:
Note § 47-1807.02
(a) Section 47-1807.02(a)(6) is amended by striking the phrase "9%" and inserting the phrase "9.2%, 9%" in its place.
Note § 47-1808.03
(b) Section 47-1808.03(a)(6) is amended by striking the phrase "9%" and inserting the phrase "9.2%, 9%" in its place.
Sec. 3. Applicability.
This act shall apply as of April 26, 2016.
Sec. 4. Fiscal impact statement.
The Council adopts the fiscal impact statement of the Budget Director as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).
Sec. 5. Effective date.
This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), and shall remain in effect for no longer than 90 days, as provided for emergency acts of the Council of the District of Columbia in section 412(a) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 788; D.C. Official Code § 1-204.12(a)).