Notwithstanding § 2083 of this title,

(1) The total amount of New Economy Jobs Program credit allowable under this subchapter for any qualified employer or qualified retained employer during any calendar year shall not exceed 65% percent of its qualified withholding payments;

(2) If the Secretary finds that a qualified employer’s or a qualified retained employer’s qualified withholding payments unreasonably exceed the amount of tax required to be withheld, accounted for, and paid by a taxpayer to the Secretary pursuant to subchapter VII of Chapter 11 of this title the Secretary may limit such qualified withholding payments to an amount which is reasonable. The Secretary or the Secretary’s delegate shall mail written notice of such determination to the taxpayer. The taxpayer may, within 30 days of the date of mailing such notice, institute a written protest of such finding to the Secretary in the manner provided under § 523 of this title for protests of assessments. The Secretary’s determination of the protest shall be final;

(3) No qualified employees, vital employees or retained employees counted for purposes of claiming New Economy Jobs Program credits under this subchapter may be included in the calculation of employment for purposes of claiming tax credits provided by subchapters II, III, VII and X of this chapter or as provided by § 1105(h) of Title 5;

(4) No qualified employee or vital employee in any certified year who was employed in Delaware in the base year by a member of an affiliated group which conducted or conducts business in this State during the base year or any year thereafter shall be counted as newly hired or employed qualified employees or vital employees or qualified employees in new eligible jobs for purposes of calculating the New Economy Jobs Program credits under this subchapter; and

(5) No more than 10% of the total number of qualified employees or vital employees counted for purposes of claiming New Economy Jobs Program credits under this subchapter may be individuals who were required by the provisions of Chapter 11 of this title to file a personal income tax return for the base year.

(6) The Secretary shall review all applications for the tax credit and all returns filed by each applicant. If in the Secretary’s sole discretion, the Secretary determines that an applicant did not have a good faith basis for claiming the New Economy Jobs Credit, the Secretary may reverse the grant of the credit and issue an assessment to the applicant for the entire amount of unpaid tax, together with penalties and interest, arising out of the improper tax credit application.

76 Del. Laws, c. 78, § ?1; 78 Del. Laws, c. 396, § ?4; 80 Del. Laws, c. 207, § 3; 82 Del. Laws, c. 101, § 3;

Terms Used In Delaware Code Title 30 Sec. 2084

  • Affiliated group: has the meaning provided by § 1504 of the Internal Revenue Code (26 U. See Delaware Code Title 30 Sec. 2081
  • Base year: shall mean the calendar year immediately preceding a qualified employer's first certified year. See Delaware Code Title 30 Sec. 2081
  • Certified year: shall mean a calendar year for which an employer is certified to be eligible for New Economy Jobs Program credits under this subchapter. See Delaware Code Title 30 Sec. 2081
  • Credit: means a reduction of the final balance for tax or fees reported due by a qualified employer on a tax or information return pursuant to the New Economy Jobs Program. See Delaware Code Title 30 Sec. 2081
  • New Economy Jobs Program: means the Program authorized pursuant to this subchapter to encourage the creation of high wage, knowledge-based jobs in this State. See Delaware Code Title 30 Sec. 2081
  • Qualified employee: means a common-law employee employed in an eligible job in this State. See Delaware Code Title 30 Sec. 2081
  • Qualified employer: means an employer certified to be eligible for New Economy Jobs Program credits under this subchapter. See Delaware Code Title 30 Sec. 2081
  • Qualified retained employer: means an employer certified to be eligible for New Economy Jobs Program credits under this subchapter and within the 3-year period prior to certification:

    a. See Delaware Code Title 30 Sec. 2081

  • Qualified withholding payments: means (subject to the limitations of § 2084 of this title) the total amount of tax withheld, accounted for, and paid to the Secretary pursuant to subchapter VII of Chapter 11 of this title by a qualified employer or qualified retained employer on account of the compensation paid so many of the qualified employees, vital employees or retained employees as are counted in determining New Economy Jobs Program credits. See Delaware Code Title 30 Sec. 2081
  • Secretary: means the individual appointed as administrator and head of the Delaware Department of Finance pursuant to § 8302 of Title 29. See Delaware Code Title 30 Sec. 2081
  • 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
  • Vital employee: means a common-law employee employed in a vital job in this State. See Delaware Code Title 30 Sec. 2081
  • Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
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