Councilmember David A. Catania - District Publishing Proposed Rulse To Implement Catania's High Tech Incentives Legislation

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January 6, 2009
05:34 pm
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District Publishing Proposed Rulse To Implement Catania's High Tech Incentives Legislation

WASHINGTON, DC...Proposed rules implementing the New E-conomy Transformation Act of 2000 (NET 2000) are being published by the District government. NET 2000, authored by Councilmember David A. Catania (R-At-Large) and passed by the Council nearly one year ago, includes 14 incentives to transform the District's economy by encouraging high technology companies to locate and stay in the District.

The proposed regulations, issued by the Office of the Deputy Mayor for Planning and Economic Development and the Office of Tax and Revenue, implements virtually all parts of the law: incentives for workforce development, targeted financial incentives for qualified companies, and making facilities more affordable for companies. Comments on the proposed regulations, which can be assessed through the website http://www.dcneweconomy.com, are due in 30 days.

"The District of Columbia is now the most competitive jurisdiction in the region in which high technology companies can locate, operate and expand", said Councilmember Catania. "Our package of corporate, personal property, and real estate tax exemptions and incentives combined with employee wage credits is unique in its competitive advantages."

The DC New Economy Advisory Group, which advised Catania and the Council in drafting the legislation, will be working in the upcoming year to monitor implementation of the NET 2000 programs and incentives. The Advisory Group is Co-Chaired by Shabbir J. Safdar of mindshare Internet Campaigns and Greenberg Traurig attorney Sanford Saunders.

The proposed regulations issued by the Office of Tax and Revenue would implement the targeted financial incentives and incentives for workforce development contained in the law, and would be retroactive to January 1, 2001. A new Chapter 11 to Title 9 of the D.C. Municipal Regulations (DCMR) would be added that will modify the income and franchise tax, sales and use tax, and personal property tax regulations.

The proposed regulations issued by the Office of the Deputy Mayor for Planning and Economic Development would make facilities more affordable by providing assistance to new businesses who can not always afford a sizable security deposit. It proposes to amend Title 10 DCMR, Planning and Development by adding a new Chapter 58.

For a detailed description of all the incentives contained in NET 2000 visit the website: http://www.dcneweconomy.com. Individuals can also leave comments on the proposed rulemakings at this website. The proposed rulemakings will be published in the November 23 and 30, 2001 D.C. Registers.