(a) For the purposes of this section, the term:
(1) "Base year" means the calendar year beginning January 1, 2024, or the calendar year beginning one calendar year before the calendar year in which the new dollar amount of a maximum credit amount or income threshold amount shall become effective, whichever is later.
(2) "Consumer Price Index" means the average of the Consumer Price Index for All Urban Consumers for the Washington-Arlington-Alexandria, DC-MD-VA-WV Metropolitan Statistical Area (or such successor metropolitan statistical area that includes the District), or any successor index, as of the close of the 12-month period ending on July 31 of such calendar year.
(3) "Cost-of-living adjustment" means an amount, for any calendar year, equal to the dollar amount set forth in this section multiplied by the difference between the Consumer Price Index for the preceding calendar year and the Consumer Price Index for the base year, divided by the Consumer Price Index for the base year.
(4) "Income threshold amount" means:
(A) For tax years beginning after December 31, 2017, and before January 1, 2024, $2,500,000;
(B) For the tax year ending December 31, 2024, $3,000,000; and
(C) For tax years beginning after December 31, 2024, $3,000,000, increased annually pursuant to the cost-of-living adjustment (if the adjustment does not result in a multiple of $1,000, rounded down to the next multiple of $1,000).
(5) "Maximum credit amount" means:
(A) For tax years beginning after December 31, 2017, and before January 1, 2024, $5,000;
(B) For the tax year ending December 31, 2024, $10,000; and
(C) For tax years beginning after December 31, 2024, $10,000, increased annually pursuant to the cost-of-living adjustment (if the adjustment does not result in a multiple of $100, rounded down to the next multiple of $100).
(6) "Qualified corporation" means a corporation that:
(A) Is engaged in the business of making sales at retail and files a sales tax return pursuant to [Chapter 20 of this title] reflecting those sales;
(B) Has federal gross receipts or sales less than the threshold amount for the taxable year; and
(C) Is current on all District tax filings and payments.
(7) "Qualified retail owned location" means a building or part of a building in the District that during the taxable year is:
(A) The primary place of the retail business of the qualified corporation;
(B) Owned by the qualified corporation; and
(C) Classified, in whole or in part, as Class 2 Property, as defined in § 47-813 , and has obtained a Certificate of Occupancy for commercial use.
(8) "Qualified retail rental location" means a building or part of a building in the District that during the taxable year is:
(A) A retail establishment as defined in § 47-2001(m) ;
(B) The primary place of the retail business of the qualified corporation;
(C) Leased by the qualified corporation; and
(D) Classified, in whole or in part, as Class 2 Property, as defined in [§ 47-813] , and has obtained a Certificate of Occupancy for commercial use.
(b) For taxable years beginning after December 31, 2017, a qualified corporation may claim a credit against the tax imposed by this chapter as follows:
(1) A tax credit equal to 10% of the total rent paid by the qualified corporation for a qualified rental retail location during the taxable year not to exceed the lesser of the total rent paid or the maximum credit amount; or
(2) A tax credit equal to the total Class 2 real property taxes, pursuant to § 47-811 , paid by the qualified corporation for a qualified retail owned location during the taxable year not to exceed the lesser of the real property tax paid during the taxable year or the maximum credit amount.
(c) The credit claimed under this section in any one taxable year may exceed the qualified corporation's tax liability, including any minimum tax due under § 47-1807.02(b) , under this chapter for that taxable year and shall be refundable to the corporation claiming the credit.
(d) This section shall not apply if:
(1) The qualified corporation receives any tax credits towards payment of the real property tax for the qualified rental retail location or qualified owned retail location; or
(2) The qualified rental retail location or qualified owned retail location is exempt from real property tax.