Volume 88 · 86
Public Law 93–268
To amend the District of Columbia Revenue Act of 1947 regarding taxability of dividends received by a corporation from insurance companies, banks, and other savings institutions.
Approved April 17, 1974
Statutory text
AN ACT
To amend the District of Columbia Revenue Act of 1947 regarding taxability of dividends received by a corporation from insurance companies, banks, and other savings institutions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the first proviso
D.C.
Corporate taxation.
of section 1 of title X of the District of Columbia be venue Act of 19 47 (D.C. Code, sec. 47–1580) is amended to read as follows: “: Provided, however, That, in the case of any corporation, the amount received as dividends from a corporation which is subject to taxation under this subchapter or under title II of the Act entitled “An Act to provide additional revenue for the District of Columbia, and for other purposes”, approved August 17, 1937 (D.C. Code, secs. 47–1801–1808), and, in the case of a corporation not engaged in carrying on any trade or business within the District, interest received by it from a corporation which is subject to taxation under this article or under such title II of such Act shall not be considered as income from sources within the District for purposes of this subchapter; and in the case of any corporation organized as a bank holding company under
the provisions of the Bank Holding Company Act of 1956 and the Bank Holding Company Act Amendments of 1970, the amount received as dividends from a corporation which is subject to taxation under this article or under the provisions of paragraph (5) or paragraph (7) of section 6 of the Act entitled “An Act making appropriations to provide for the expenses of the government of the District of Columbia for the fiscal year ending June thirtieth, nineteen hundred and three, and for other purposes”, approved July 1, 1902 (D.C. Code, secs. 47–1701 and 47–1703), and in the case of any such bank holding company not engaged in carrying on any trade or business within the District, interest received by it from a corporation which is subject to taxation under such paragraphs, shall not be considered as income from source., within the District for purposes of this article.”
Sec. 2.
The amendment made by the first section of this Act shall apply with respect to all taxable years ending after December 31, 1973.
Sec. 3.
Part C of title VII of the District of Columbia Self-Government
and Governmental Reorganization Act is amended by inserting at the end thereof the following:
“Sec. 724. “political participation in certain elections first held under this act
(a) In order to provide continuity in the government of the District of Columbia during the transition from the appointed government to the elected government provided for under this Act, no person employed by the United States or by the government of the District of Columbia shall be prohibited by reason of such employment—
“(1) from being a candidate in the first primary election and general election held under this Act for the office of Mayor or Chairman or member of the Council of the District of Columbia provided for under title IV of this Act, and
“(2) if such a candidate, from taking an active part in political management or political campaigns in any election referred to in paragraph (1) of this subsection.
“(b) Such candidacy shall be deemed to have commenced on the day such person obtains from the Board of Elections an official nominating petition with his name stamped thereon, and shall terminate—
“(1) in the case of such candidate who ceases to be eligible as a nominee for the office with respect to which such petition was obtained by reason of his inability or failure to qualify as a bona fide nominee prior to the expiration of the final date for filing such petition under the election laws of the District of Columbia, on the day following such expiration date;
“(2) in the case of such candidate who is elected to any such office with respect to which such nominating petition was obtained, on the day such candidate takes office following the election held with respect thereto;
“(3) in the case of such candidate who is defeated in a primary election held to nominate candidates for the office with respect to which such nominating petition was obtained, on the expiration of the thirty day period following the date of such primary election j and
“(4) in the case of such candidate who fails to be elected in a general election to any such office with respect to which such nominating petition was obtained, on the expiration of the thirty day period following the date of such election.
“(c) The provisions of this section shall terminate as of January 2,
Termination date.
1975.”
The table of contents for part C of title VII of such Act is amended by inserting at the end of that part the following new item:
Section 771(e) of the District of Columbia Self-Government
D.C. Code 121 note.
and Governmental Reorganization Act is amended by deleting “Part E” and inserting in lieu thereof “Section 724 and part E”.
Sec. 4.
Section 7324(d)(4) of title 5, United States Code, is amended to read as follows:
“(4) the Mayor of the District of Columbia, the members of the Council of the District of Columbia, or the Chairman of the Council of the District of Columbia, as established by the District of Columbia Self-Government and Governmental Reorganization Act; or”.
Notwithstanding any other provision of law, the provisions
of section 7324(a)(2) of title 5, United States Code, shall not be applicable to the Commissioner of the District of Columbia or the members of the District of Columbia Council (including the Chairman and Vice Chairman), as established by Reorganization Plan Numbered 3 of 1967.
5 USC app.
Section 741 of the District of Columbia Self-Government and
Repeal.
Governmental Reorganization Act is repealed.
Approved April 17, 1974.