Terms Used In Delaware Code > Title 30 > Chapter 18 - Land and Historic Resource Tax Credit

• Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See Delaware Code Title 6 Sec. 4-104
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Delaware Code Title 6 Sec. 4-104
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Certificate: shall mean the certificate issued by the Delaware State Historic Preservation Officer attesting that certified rehabilitation or, if applicable, phase thereof has been completed and that the documentation of qualified expenditures and project plans that would be required in order to qualify for tax credit under § 47 of the Internal Revenue Code (26 U. See Delaware Code Title 30 Sec. 1812
• Certified historic property: shall mean property located within the State that is:

  a. See Delaware Code Title 30 Sec. 1812

• Certified rehabilitation: shall mean that rehabilitation of a certified historic property or portion thereof which has been certified by the Delaware State Historic Preservation Officer as a substantial rehabilitation and is in conformance with the Standards of the Secretary of the Interior for Rehabilitation (36 C. See Delaware Code Title 30 Sec. 1812
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Contract: A legal written agreement that becomes binding when signed.
• Credit award: shall mean the amount of qualified expenditures as determined by the State Office as part of the Stage II Approval multiplied by the appropriate amount as determined in § 1813 of this title. See Delaware Code Title 30 Sec. 1812
• Delaware State Historic Preservation Officer: shall mean the person designated and appointed in accordance with 16 U. See Delaware Code Title 30 Sec. 1812
• Department: means the Department of Finance. See Delaware Code Title 30 Sec. 101
• Division of Revenue: means the Division of Revenue of the Department of Finance of the State. See Delaware Code Title 30 Sec. 502
• dollars: means lawful money of the United States. See Delaware Code Title 1 Sec. 302
• Downtown Development District: means an area of a city or town that has been designated by the Governor as a Downtown Development District in accordance with Chapter 19 of Title 22. See Delaware Code Title 30 Sec. 1812
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: shall mean the State's fiscal year. See Delaware Code Title 30 Sec. 1812
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Delaware Code Title 6 Sec. 4-104
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Owner-occupied historic property: shall mean any certified historic property, or any portion thereof, which is owned by a taxpayer and is being used (or within a reasonable period as may be determined by the Delaware Historic Preservation Office on a case-by-case basis will be used) by such taxpayer as the taxpayer's principal residence. See Delaware Code Title 30 Sec. 1812
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: shall include any individual; any form of company or corporation which is lawful within the State (including limited liability companies and S corporations), whether or not for profit; any form of partnership which is lawful within the State (including limited liability partnerships); whether or not for profit; any trust or estate; and any lawful joint venture. See Delaware Code Title 30 Sec. 1812
• Person: means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See Delaware Code Title 6 Sec. 17-101
• Phased rehabilitation: shall mean any certified rehabilitation of a certified historic property reasonably expected to be completed in 2 or more distinct stages of development as more fully described in Treasury Regulation 1-48-12(b)(v) or any successor provision. See Delaware Code Title 30 Sec. 1812
• Property: shall mean real estate, and shall include any building or structure, including multiple-unit structures. See Delaware Code Title 30 Sec. 1812
• real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Resident curator: shall mean a person who has entered into a contractual agreement with the owner of a qualified property in which the person agrees to pay for full restoration of the owner's qualifying property in exchange for a life tenancy in the property without remunerative compensation to the owner for the life tenancy. See Delaware Code Title 30 Sec. 1812
• Residential property: shall include cooperatives and condominiums. See Delaware Code Title 30 Sec. 1812
• State: means a state of the United States, the District of Columbia, Puerto Rico, The United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 30 Sec. 502
• State Office: shall mean the Delaware State Historic Preservation Office. See Delaware Code Title 30 Sec. 1812
• Substantial rehabilitation: shall mean rehabilitation of a certified historic property for which the qualified expenditures, during the 24-month period or 60-month period, as applicable, selected by the taxpayer and ending with or within the taxable year exceed:

  a. See Delaware Code Title 30 Sec. 1812

• Tax: shall be deemed also to refer to license fees imposed under Part III of this title. See Delaware Code Title 30 Sec. 502
• Taxable: means any person, fiduciary, association of persons, syndicate, joint venture or copartnership subject to making return or to payment of tax imposed by this title. See Delaware Code Title 30 Sec. 101
• Taxpayer: shall include any "person" as defined in this section, and shall include any individual or corporation taxable under Title 5, or taxable under either Chapter 11 or Chapter 19 of this title. See Delaware Code Title 30 Sec. 1812