Delaware Code Title 30 Sec. 2006 – Limitations on credits
(a) The aggregate amount of such tax credits approved for all persons may not exceed $1,000,000 in any 1 fiscal year.
Terms Used In Delaware Code Title 30 Sec. 2006
- Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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
- persons: shall include any individual; any form of company or corporation which is lawful within the State (including limited liability companies and S corporations), any form of partnership which is lawful within the State (including limited liability partnerships); and any trust or estate. See Delaware Code Title 30 Sec. 2002
- 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
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The Director of the Delaware State Housing Authority shall ensure that each application has the date and time of submission recorded. Credits must be awarded in chronological order based upon the date and time upon which each complete application is received by the Delaware State Housing Authority. If a credit award results in exceeding the $1,000,000 limitation for the fiscal year in which it is awarded, the amount by which such credit award exceeds $1,000,000 must carry over to the succeeding fiscal year and must receive priority for that year.
72 Del. Laws, 1st Sp. Sess., c. 250,, § ?2; 76 Del. Laws, c. 80, § ?111(c); 76 Del. Laws, c. 172, § ?13; 81 Del. Laws, c. 351, § 1;