3504.1 For each calendar month beginning after September 30, 1987, the affidavit is due and the tax payable by the twentieth (20th) day of the month following the calendar month for which the tax is due.

3504.2 Each telecommunication company shall be allowed a credit against the gross receipts tax imposed for the lesser of one of the following:

1. (a) Nine-twelfth (9/12) of the amount of personal property tax paid with the tax year 1988 return due by July 31, 1987; or
2. (b) Nine-twelfth (9/12) of the amount of personal property tax paid with the tax year 1988 return due by July 31, 1987, multiplied by the following fraction:

Column (1)	Column (2)	Column (3)	Column (4)
9/12 of 1988 District personal Property tax paid	Receipts on which District gross receipts tax was paid for twelve months preceding July 1, 1987	Value of personal property every where July 1 of Column (1) tax year	Credit against Column (1) tax not to exceed limits of this section
	X Gross receipts everywhere for twelve months preceding July 1, 1987	X Value of property subject to District personal property tax on July 1 of Column (1) tax year

The following are examples of the application of § 3504.2:

1. (1) The taxpayer has property valued at one hundred thousand dollars ($100,000) subject to District personal property tax, and personal property everywhere of one million dollars ($1,000,000) on July 1, 1987. The taxpayer's gross receipts everywhere for the twelve (12) month period ended June 30, 1987, are twelve million dollars ($12,000,000), and receipts subject to District gross receipts tax under § 3501 are one million dollars ($1,000,000). District personal property tax paid for the 1988 tax year was three thousand one hundred dollars ($3,100). The amount of the credit allowed on monthly gross return due November 20, 1987 shall be one thousand nine hundred thirty-eight dollars ($1,938), computed as follows:

(1)	(2)	(3)	(4)
$2,325	$1,000,000	$1,000,000
	$12,000,000	$100,000	= $1,938

1. (2) Same facts as example (1) except that receipts subject to District gross receipts tax was one million four hundred thousand dollars ($1,400,000). The allowable credit is two thousand three hundred twenty-five dollars ($2,325), computed as follows because that amount is the lesser of:

2. (a) The result of the computation below; and

(b) Gross receipts taxes paid for the twelve (12) months preceding July 1, 1987.

(1)	(2)	(3)	(4)
$2,325	X	X	=
	$1,400,000	$1,000,000	$2,713
	$12,000,000	$100,000

3504.3 As used in § 3504.2, the term "value of personal property" shall mean, for both the numerator and denominator of the fraction, that amount carried on the taxpayer's balance sheet at original cost for the personal property shown in the fraction.

3504.4 The numerator and denominator of Column (3) property values shall include all property subject to the personal property tax under the provisions of the Personal Property Tax Amendment Act of 1986, effective February 28, 1987 (D.C. Law 6-212; D.C. Code § 47-1521 et seq.) without regard for any exemption from the tax.

3504.5 The credit provided in this section shall reduce the tax due each month under this section until the credit, in the aggregate, has been exhausted.

SOURCE: Final Rulemaking published at 34 DCR 6143, 6150 (September 25, 1987).