District of Columbia Tax Incentives Improvement Act of 2002

H.R. 4725, the District of Columbia Tax Incentives Improvement Act of 2002, proposed expanding federal tax benefits to encourage economic investment and homeownership within the nation's capital. The bill sought to designate the entire District of Columbia as an "enterprise zone," which would provide businesses with tax credits and allow investors to avoid paying taxes on capital gains for local assets held for more than two years.

For residents, the legislation would have made the $5,000 first-time homebuyer tax credit permanent and expanded eligibility to include certain individuals purchasing a home following a divorce or legal separation. Additionally, the bill aimed to attract international business by exempting certain insurance companies from specific federal taxes and reporting requirements. While the bill was introduced in 2002, it did not advance past the committee stage to become law.