3875943 Resolution 19-619, "Clarification of Personal Property Tax Revenue Reporting Emergency Declaration Resolution of 2012"

A RESOLUTION

 

19-619  

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

October 2, 2012

 

 

To declare the existence of an emergency with respect to the need to clarify the reporting of personal property tax revenues.

 

            RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Clarification of Personal Property Tax Revenue Reporting Emergency Declaration Resolution of 2012”.

 

            Sec. 2. (a)  Legislation was necessary to allow the Office of the Chief Financial Officer to recognize, as actual revenue, personal property tax in the fiscal year in which it is collected to allow this revenue, consistent with ordinary principles of accounting, to be treated as available to meet current year expenses. 

            (b)  In 2011, the Council enacted the Clarification of Personal Property Tax Revenue Reporting Temporary Act of 2011, effective February 24, 2012 (D.C. Law 19-91; 58 DCR 11209), which will expire on October 6, to provide that personal property tax be recognized in the year it is collected.  It is important that this provision continues to be the law to insure that the District has these funds available.

 

            Sec. 3.  The Council of the District of Columbia determines that the circumstances

enumerated in section 2 constitute emergency circumstances making it necessary that the Clarification of Personal Property Tax Revenue Reporting Review Emergency Act of 2012 be adopted after a single reading.

 

            Sec. 4.  This resolution shall take effect immediately.