If a nonprofit entity is a party to a conversion approved pursuant to § 44-603, the District shall make an assessment, to recover part of the charitable assets, equal to 10% of the amount of the real property tax the healthcare entity would have paid during the past 5 years had it not been exempt from federal income taxation under sections 501(c) or (e) of the Internal Revenue Code. Such amount shall be paid in three equal installments.
(Oct. 23, 1997, D.C. Law 12-32, § 9, 44 DCR 4819.)
1981 Ed., § 32-558.
Section 501 of the Internal Revenue Code, referred to in this section, is codified as 26 U.S.C. § 501.
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