There is established a Tax Revision Commission (“Commission”) with the purpose of preparing comprehensive recommendations to the Council and the Mayor which: Provide for fairness in apportionment of taxes; Broaden the tax base; Make the District’s tax policy more competitive with surrounding jurisdictions; Encourage business growth and job creation; and Modernize, simplify, and increase transparency in the District’s tax code. Specific functions of the Commission shall include the following: To analyze the District’s current tax system in terms of revenue productivity and stability, efficiency, equity, simplicity of administration, and effect upon the District’s economy; To propose innovative solutions for meeting the District’s projected revenue needs while recommending potential modifications to tax rates; To identify economic activities which are either beneficial or detrimental to the District’s economy and which should be either encouraged or discouraged through tax policy; To recommend changes in the District’s current tax policies and laws; To establish criteria and a conceptual framework for evaluating current and future taxes; To identify unused and duplicative tax credits and tax abatements and recommend policy changes to improve the way the District utilizes tax expenditures; and To analyze a proposal to tax the capital gain from the sale of common or preferred shares of a Qualified High Technology Company, as defined in § 47-1817.01(5)(A) , at the rate of 3% if the: Shares of the Qualified High Technology Company were held by the investor for at least 24 continuous months; and Qualified High Technology Company was headquartered in the District of Columbia on the date of sale. The Commission shall submit its recommendations in the form of a report or reports similar in form and scope as those transmitted by the District of Columbia Tax Revision Commission by letter dated June 2, 1998, and entitled “Taxing Simply, Taxing Fairly”. The report or reports shall be accompanied by draft legislation, regulations, amendments to existing regulations, or other specific steps for implementing the recommendations. The Commission shall submit to the Council and the Mayor its final report no later than December 31, 2013.
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