(a) Each year the district shall levy a tax against every person on the tangible personal property owned or held in trust in that person’s trade or business in the District. The rate of tax shall be $3.40 for each $100 of value of the taxable personal property, in excess of $225,000 in value.

(b) Construction equipment, vehicles, trailers, tools, and any other tangible personal property brought into the District on a temporary basis and used in a trade or business shall be taxed for the period that the property was physically located in the District.

(c) Persons owning leased personal property having a taxable situs in the District shall be subject to the tax and to the filing requirement of § 47-1524(b).

(d) Real property improvements that do not become an integral part of the realty shall be subject to the personal property tax imposed by subsection (a) of this section.

(e) Persons owning or holding in trust any tangible personal property located or having a taxable situs in the District on July 1st of the tax year that is used or available for use in a trade or business, whether or not operated for profit, shall file a return according to § 47-1524(b).

(Feb. 28, 1987, D.C. Law 6-212, § 3, 34 DCR 850; Sept. 10, 1992, D.C. Law 9-145, § 106, 39 DCR 4895; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Oct. 20, 1999, D.C. Law 13-38, § 2702(d), 46 DCR 6373; Mar. 20, 2008, D.C. Law 17-123, § 3(b), 55 DCR 1513.)

1981 Ed., § 47-1522.

D.C. Law 17-123, in subsec. (a), substituted “$225,000” for “$50,000”.

D.C. Law 13-38 in subsec. (a) inserted the phrase “, in excess of $50,000 in value” immediately following the phrase “The rate of tax shall be $3.40 for each $100 of value of the taxable personal property”.