Terms Used In Delaware Code > Title 30 > Chapter 20 > Subchapter I - Neighborhood Assistance Tax Credit

• Community services: means any type of counseling and advice, emergency assistance or medical care furnished to individuals or groups in an impoverished area or for low and moderate income families. See Delaware Code Title 30 Sec. 2002
• community-based development organization: means any locally-based, resident-controlled, nonprofit organization that plans and implements Community Economic Development projects in impoverished areas or for low- and moderate-income people and that holds 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. See Delaware Code Title 30 Sec. 2002
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Crime prevention: means any activity that aids in the reduction of crime in an impoverished area or to assist low and moderate income families. See Delaware Code Title 30 Sec. 2002
• Department: means the Department of Finance. See Delaware Code Title 30 Sec. 101
• Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
• Economic development: means any activity that aids in business development and ownership in impoverished areas. See Delaware Code Title 30 Sec. 2002
• Education: means any type of scholastic instruction to an individual who resides in an impoverished area or for low and moderate income families that enables that individual to meet educational requirements for known job vacancies. See Delaware Code Title 30 Sec. 2002
• 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
• 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
• Internal Revenue Service: means the Internal Revenue Service of the Department of Treasury of the United States. See Delaware Code Title 30 Sec. 502
• Job training: means any type of instruction to an individual who resides in an impoverished area or for low and moderate income families that enables an individual to acquire vocational skills so that the individual can become employable or be able to seek a higher grade of employment. 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
• 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: means and includes an individual, a trust, estate, partnership, association, company or corporation. See Delaware Code Title 30 Sec. 502
• 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
• 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
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302