District of Columbia § 47-4663 Soccer Stadium tax abatements.

District of Columbia Statutes

§ 47-4663 — Soccer Stadium tax abatements.

District of Columbia·Title 47 Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]·Ch. 46 Special Tax Incentives.

(a)For the purposes of this section, the term:

(1)"Soccer stadium" means a soccer stadium constructed after October 1, 2014 on a site bounded by Second Street, S.W., T Street, S.W., Half Street, S.W., Potomac Avenue, S.W., and R Street, S.W.

(2)"Soccer stadium site" means the real property described as Squares 603S, 605, 607, 661, and 661N, and the northwest portion of Lot 24 in Square 665 as described in the letter of intent between the District and Potomac Electric Power Company dated December 27, 2013, and all public alleys and streets to be closed within these squares.

(b)The real property taxes imposed under Chapter 8 of this title and the possessory interest tax imposed under § 47-1005.01 on that portion of the soccer stadium site on which the soccer stadium is constructe

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(a) For the purposes of this section, the term:

(1) "Soccer stadium" means a soccer stadium constructed after October 1, 2014 on a site bounded by Second Street, S.W., T Street, S.W., Half Street, S.W., Potomac Avenue, S.W., and R Street, S.W.

(2) "Soccer stadium site" means the real property described as Squares 603S, 605, 607, 661, and 661N, and the northwest portion of Lot 24 in Square 665 as described in the letter of intent between the District and Potomac Electric Power Company dated December 27, 2013, and all public alleys and streets to be closed within these squares.

(b) The real property taxes imposed under Chapter 8 of this title and the possessory interest tax imposed under § 47-1005.01 on that portion of the soccer stadium site on which the soccer stadium is constructed, shall be abated as follows:

(1) Beginning on June 1, 2016, or the date by which the District acquires title to each portion of the soccer stadium site on which the soccer stadium is constructed, whichever is later, through the fifth lease year —100%;

(2) For lease years 6 through 10-75%;

(3) For lease years 11 through 15-50%;

(4) For lease years 16 through 20-25%;

(5) Beginning with the 21st lease year and for each lease year thereafter -- zero.

(1) The abatements provided by subsection (b) of this section for any real property tax year may be allocated between half tax years at the discretion of the Office of Tax and Revenue.

(2) The abatements provided by subsection (b) of this section shall terminate at the end of the half tax year during which the soccer stadium ceases to be used as a stadium by a major league soccer team.

(1) All transfers of real property in the soccer stadium site from the possession date, as that term is defined in the revised ground lease transmitted pursuant to [§ 10-1603.04(a)] ("ground lease"), through the end of the term of the ground lease shall be exempt from the taxes imposed by § 42-1103 and § 47-903 .

(2) The exemptions provided under paragraph (1) of this subsection shall expire on the termination of the ground lease.

(e) The abatements and exemptions provided by this section shall be in addition to, and not in lieu of, any other tax relief or assistance from any other source applicable to the soccer stadium.

District of Columbia § 47-4663 (Soccer Stadium tax abatements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.