tax credit for campaign contributions

tax credit for campaign contributions Sec. 702. (a) Title VI of article I of the District of Columbia Income and Franchise Tax Act of 1947 (D.C. Code, secs. 47–1567—47–1567e) is amended by adding at the end of that title the following: “Sec. 7. (a) Credit for Campaign Contributions.—For the purpose of encouraging residents of the District to participate in the election process in the District, there shall be allowed to an individual a credit against the tax (if any) imposed by this article in an amount equal to 50 per centum of any campaign contribution made to any candidate for election to any office referred to in the first section of the District of Columbia Election Act, but in no event shall such credit exceed the amount of $12.50, or $25 in the case of married persons filing a joint return. “(b) (1) A husband and wife filing separate returns for a taxable year for which a joint return could have been made by them may claim between them only the total credit (or refund) to which they would have been enticed under this section had a joint return been filed. “(2) No individual for whom a personal exemption was allowed on another individual’s return shall be entitled to a credit (or refund) under this section.”. (b) The table of contents of such article is amended by adding at the end of the part of such table relating to title VI the following: “Sec. 7. Credit for campaign contributions.”.