D.C. Act 25-592. United Negro College Fund Real Property Tax Abatement Extension Amendment Act of 2024.

AN ACT

To amend section 47-4635 of the District of Columbia Official Code to provide an abatement of real property taxes on real property owned by the United Negro College Fund.

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "United Negro College Fund Real Property Tax Abatement Extension Amendment Act of 2024".

Sec. 2. Section 47-4635 of the District of Columbia Official Code is amended as follows:

(a) Subsection (b) is amended as follows:

(1) The lead-in text is amended to read as follows:

"The real property taxes imposed by Chapter 8 of this title on the property shall be abated for 10 years, beginning on October 1, 2024, provided, that:".

(2) Paragraphs (3) and (4) are repealed.

(b) Subsection (c) is amended as follows:

(1) Paragraph (1) is amended to read as follows:

"(1) In tax year 2025, $515,000; and".

(2) Paragraph (2) is amended by striking the phrase "$400,000 in Fiscal Year 2012" and inserting the phrase "$515,000 in Fiscal Year 2025" in its place.

Sec. 3. Fiscal impact statement.

The Council adopts the fiscal impact statement in the committee report 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. 4. Effective date.

This act shall take effect after approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto) and a 30-day period of congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)).