Bill Text: DE SB84 | 2013-2014 | 147th General Assembly | Draft
Bill Title: An Act To Amend Title 30 Of The Delaware Code Relating To The Neighborhood Assistance Tax Credit.
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: (Passed) 2013-07-03 - Signed by Governor [SB84 Detail]
Download: Delaware-2013-SB84-Draft.html
SPONSOR: |
Sen. Henry |
|
Sen. Ennis; Reps. Briggs King, Heffernan, J. Johnson, Keeley, Potter |
DELAWARE STATE SENATE 147th GENERAL ASSEMBLY |
SENATE BILL NO. 84 |
AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO THE NEIGHBORHOOD ASSISTANCE TAX CREDIT. |
Section 1. Amend Chapter 20, Title 30 of the Delaware Code by making insertions as shown by underlining and deletions as shown by strike through as follows:
§004. Qualification for tax credits.
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.
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 may 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.
§2005. State income tax credit; amount.
(a) For purposes of computing taxable income
under Chapter 11 or Chapter 19 of this title, relating to the personal income
tax and the corporation income tax, the Secretary of Finance shall allow a
credit equal to 50% of the amount invested by a person in a program or in a
neighborhood organization the proposal for which was approved under §2004 of
this title. Such tax credit, however, shall not exceed $100,000 $50,000
per person per year.No person
may receive more than $100,000 in tax credits during any three-year period.
(b) Any
investment made in a tax year for which the tax credit herein described
is claimed by a taxpayer shall not also be eligible for treatment in the
same tax year as a charitable contribution deduction for state income tax
purposes in calculating Delaware income tax liability.
Section 2.The effective date of this Act shall be July 1, 2013.
SYNOPSIS
The Neighborhood Assistance Tax Credit program has brought about significant investment in neighborhood organizations, benefitting low and moderate income individuals living in impoverished areas and catalyzing partnerships among community-based development organizations, government, and the private sector.This bill seeks to increase the number of individuals and businesses that can take advantage of available tax credits, thereby equalizing opportunity for receipt of tax benefits and broadening the base of support for neighborhood organizations, by: (1) lowering the maximum annual tax credit and (2) capping the total amount of tax credits that an individual or business may receive over a three-year period. Author: Senator Henry |