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Washington DC Passes Tech Incentives
New legislation to help revitalize technology development in Washington, D.C. received unanimous approval from the Council of the District of Columbia and is expected to be signed by Mayor Anthony Williams.
The "New E-Conomy Transformation Act of 2000," contains eleven incentives designed to help transform the D.C. economy. Councilmember David A. Catania and the New E-conomy Advisory Group comprised of seven business leaders, developed the incentives targeted at companies engaged in e-commerce, Internet-based businesses, information technology, and other sectors of the New Economy. The Advisory Group identified barriers to locating in the District such as workforce development and affordable facilities, then crafted incentives designed to help businesses overcome them. The incentives include several tax credits, cuts, exemptions, and abatements, and lease guarantees for qualified companies.
Before the bill is enacted, perhaps by Spring of 2001, it must be approved by the D.C. Financial Control Board and Congress.
Background on the legislation may be found on SSTI's website at http://www.ssti.org/Digest/2000/072800.htm or at the DC New E-Conomy
website http://www.dcneweconomy.com/