(a) For purposes of computing taxes on real property in the District of Columbia, Class 1A or 1B Property owned by a cooperative housing association shall be allowed a credit against the tax imposed under § 47-811.
(b) The credit shall not be allowed for Class 1A or 1B Property owned by a cooperative housing association if the Class 1A or 1B Property:
(1) Has 3 or fewer dwelling units; or
(2) Receives trash collection services provided by the Mayor other than the collection of recyclable materials provided pursuant to Chapter 10 of Title 8.
(c) The credit shall be an amount equal to $60 multiplied by the number of dwelling units that are occupied by the shareholders or members of the cooperative housing association. The credit shall be adjusted annually beginning in the tax year beginning July 1, 1992, and ending June 30, 1993, and in each subsequent tax year, in accordance with subsection (d) of this section.
(d) The credit shall be adjusted annually by the addition to the prior tax year credit of an amount equal to the percentage increase in the local Consumer Price Index for all items during the calendar year in which the tax year begins, rounded to the nearest whole dollar.
(e) The amount of the credit allowed under this section shall not exceed the amount of property tax otherwise due.
