Tax credit for income that includes rent charged to licensed, nonprofit child development center; exceptions.

(a) For taxable years beginning after December 31, 1988, any qualified incorporated business under § 6-1504 having taxable income that includes rent charged to a licensed, non-profit child development center shall be allowed a credit against the tax imposed by this chapter in an amount equal to the amount by which the fair market value of the space leased to the licensed, nonprofit child development center exceeds the rent charged by the business to the licensed, non-profit child development center.

(b) For purposes of this section, the term:

(1) “Fair market rental value” means:

(A) The average rent charged by the incorporated business to tenants in the same building, other than the licensed, nonprofit child development center, for comparable space; or

(B) When a licensed, nonprofit child development center is the sole lessee occupying space in the building, or when the building contains no space comparable to that occupied by the licensed, nonprofit child development center, an amount as determined by the Mayor with reference to the average rent charged to tenants for occupancy of comparable space in other buildings in the economic development zone.

(2) “Child development center” means a child development center as that term is defined in § 4-401(2) .