Pub. L. 93-407, tit. IV, pt. 2, subpt. D, sec. 431

Sec. 431. (a) The Council shall, within one year after the date, of enactment of this title, after public hearing, adopt regulations providing tax incentives for the rehabilitation of existing structures and for new construction, including rehabilitation or construction of commercial property, located in areas of the District as designated by the Council. The Council shall also adopt regulations providing tax incentives for the rehabilitation and maintenance of historic property. Such tax incentives may include, but are not limited to— (1) establishing different tax rates for land and for improvements thereon; and (2) providing that any increase in assessed value of improvements resulting from rehabilitation or new construction be ignored for tax purposes for up to five years from the year of such reassessment. 88 Stat. 1058 (b) To be eligible for incentive under this section, historic property must be property designated as an historic landmark and conform to the provisions of subpart E.