§ 47–4304.01. Defined tax credit related to IRS income adjustments.

A taxpayer whose taxable income was changed or corrected by the Commissioner of Internal Revenue for taxable years beginning after December 31, 1997, and ending before January 1, 2001, shall be allowed a tax credit equal to the decrease in the District tax for the applicable years; provided, that:

(1) The changed or corrected taxable income was based on a federal income tax provision to which District tax law conforms;

(2) The District has not previously adjusted the taxpayer’s return to encompass the change or correction;

(3) The tax credit shall be applied over a 4-year period in equal amounts in tax years beginning on or after January 1, 2019.

(4) The credit shall be without overpayment interest; and

(5) In each year in which the credit is taken on a return, the taxpayer shall notify the Office of Tax and Revenue by designating on that return the tax type or types to which the credit shall apply for that year.