The New E-conomy Transformation Qualified High Technology Companies

State

District of Columbia

Year

2006

Geographic Requirements

Programs available without regard to any designated geographic area

Incentive Description

For eligible property, reduction in real property taxes for qualified leasehold improvements made by, or for, a Qualified High Technology Company.

Eligibility Criteria

Incentives Restricted to Certain Industries or Uses

Incentives Tied to Increasing Jobs or Wages

Incentives Tied to Investment

Application Process

Annual application required

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No

Incentive Type

Other

Description of Eligibility Criteria

Eligible property includes new buildings for which the initial certificate of occupancy or initial temporary certificate of occupancy was received after 31 December 2000 or property for which improvements or renovations are made necessary to adapt or convert an existing building, or a portion thereof, for use by a Qualified High Technology Company. If a tenant is liable for real property taxes under its lease and the tenant makes improvements or renovations necessary to adapt or convert an eligible building, or a portion thereof, for its own use as a Qualified High Technology Company, or for use by a Qualified High Technology Company as a subtenant, the tenant shall receive the abatement from the real property tax increase. “Qualified High Technology Company” means an individual or entity organized for profit and maintaining an office, headquarters, or base of operations in the District of Columbia, having 2 or more employees, and deriving at least 51% of its gross revenues from a high technology enterprise as defined by DC statutes.

Eligible Property Type

Other

Local Government Actions

No Actions

Description of Eligible Property Type

Property of qualified High Technology Companies is eligible. Mixed use properties can contain residential units if property meets eligibility requirements. Eligible buildings are non-residential or mixed-use buildings in which at least 50% of its tenants are Qualified High Technology Companies or at least 50% of its aggregate square footage is leased to a Qualified High Technology Company using the premises as an office or retail space. Personal property purchased and used or held for the use or by a qualified high technology company is exempt from the personal property tax for 10 years beginning with the year of purchase. If used in the eleventh year and thereafter, the property must then be reported at 25% of the original cost unless it is qualified technological equipment which is then reported at 10% of the original cost.

Record ID

DC005_ED06

Sources

D.C. Code Ann. § 47-811.03;
D.C. Code Ann. § 47-1817.01;
D.C. Code Ann. §47-1521 (4);
D.C. Code Ann. §47-1523(b) (in effect for 2006)
District of Columbia, Office of Tax and Revenue, Qualified High Technology Companies (QHTCs)
[https://otr.cfo.dc.gov/page/qualified-high-technology-companies-qhtcs Accessed: 06/06/2023]
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