Delaware Code Title 30 Sec. 2004 – Qualification for tax credit
For each taxable period beginning on or after July 1, 2007, a person that contributes to a neighborhood organization or that provides neighborhood assistance in an impoverished area or for low and moderate income families shall receive a tax credit as provided in § 2005 of this title if the Director of the Delaware State Housing Authority annually approves the proposal of the taxpaying investor. The Director of the Delaware State Housing Authority shall promulgate rules and regulations for the approval or disapproval of such proposals by taxpaying investors.
Terms Used In Delaware Code Title 30 Sec. 2004
- Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
- Housing: means any activity that aids in substantial renovation or new construction of rental or owner-occupied residences for low and moderate income families in impoverished areas or for low and moderate income families. See Delaware Code Title 30 Sec. 2002
- Impoverished area: means any clearly-defined, economically-distressed urban or rural area in this State that is certified as such by the Delaware State Housing Authority. See Delaware Code Title 30 Sec. 2002
- Neighborhood assistance: means the furnishing of financial assistance, labor, material and technical advice to aid in the physical, economic and community improvement of any part or all of an impoverished area or to assist low and moderate income families through the provision of community services, crime prevention, economic development, education, housing, and job training. See Delaware Code Title 30 Sec. 2002
- Neighborhood organization: means any organization performing neighborhood assistance in an impoverished area or for low and moderate income families and holding a ruling from the Internal Revenue Service of the United States Department of the Treasury that the organization is exempt from income taxation under the provisions of the Internal Revenue Code, or any community development corporation or community-based development organization as defined in this section. See Delaware Code Title 30 Sec. 2002
- Person: means and includes an individual, a trust, estate, partnership, association, company or corporation. See Delaware Code Title 30 Sec. 502
- 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
- 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
A Neighborhood Assistance Act Advisory Council, whose members shall be appointed every 2 years by the Director of the Delaware State Housing Authority and comprising community development practitioners and representatives of the private and public sectors shall be established. The Neighborhood Assistance Act Advisory Council shall provide guidance and recommendations to the Director of the Delaware State Housing Authority in establishing program priorities and mechanisms for the program to be conducted and determining the impoverished area or areas selected and the estimated amount to be invested in the program or neighborhood organization. The Neighborhood Assistance Act Advisory Council shall assist the Delaware State Housing Authority in establishing and promulgating rules and regulations for the approval or disapproval of proposals by taxpaying investors and neighborhood organizations.
30 Del. C. 1953, § ?2004; 56 Del. Laws, c. 405, § ?1; 57 Del. Laws, c. 741, § ?9A; 58 Del. Laws, c. 492, § ?2; 72 Del. Laws, 1st Sp. Sess., c. 250,, § ?2; 76 Del. Laws, c. 80, § ?111(c); 76 Del. Laws, c. 172, § ?10; 79 Del. Laws, c. 95, § ?1;