Delaware Code Title 30 Sec. 2021 – Credit against corporation income tax for investment and employment …
(a) In the case of any taxpayer that:
(1) Places in service, within any targeted area, as defined by § 2020(3)a. through c. of this title and § 2020(3)d. of this title [repealed], a qualified facility in which the taxpayer is engaged in a qualified activity described in § 2010(3) of this title, and
(2) Thereby satisfies the requirements contained in § 2011(a) of this title for the allowance of a credit against the tax imposed by Chapter 19 of this title (relating to corporation income tax) for the taxable year of the taxpayer in which such qualified facility is placed in service by the taxpayer,
Terms Used In Delaware Code Title 30 Sec. 2021
- Commercial activity: is a n activity constituting a business licensable under § 2301 of this title, other than any of the following business: Amusement conductor, amusement park operator, auctioneer, automobile race operator, bowling alley operator, circus exhibitor, entertainment agent, finance or small loan agency, floor show operator, health spa or health club, junk dealer, motion picture theater, outdoor music festival promoter, pawnbroker, pool table operator, public bath keeper, salvage yard operator and self-service laundry or dry cleaner. See Delaware Code Title 30 Sec. 2020
- 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.
- Targeted area: means any of the following:
- 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
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
§ 2011 of this title shall be applied with respect to such qualified facility by substituting “$750” for “$500” in § 2011(b)(1) and (2) of this title.
(b) In the case of any taxpayer that:
(1) Places in service, only within any of the targeted areas as defined by § 2020(3)d. [repealed] of this title, a facility in which the taxpayer is engaged in a commercial activity or retail activity, and
(2) Would thereby satisfy the requirements contained in § 2011(a) of this title for the allowance of a credit against the tax imposed by Chapter 19 of this title (relating to corporation income tax) for the taxable year of the taxpayer in which such facility is placed in service by the taxpayer if such facility were a qualified facility by virtue of its use by the taxpayer in or in connection with such commercial activity or retail activity,
§ 2011 of this title shall be applied with respect to such facility by treating it as a qualified facility.
(c) In the case of any taxpayer that:
(1) Places in service, within any targeted area, as defined by § 2020(3) of this title, a qualified facility in which the taxpayer is engaged in a qualified activity described in § 2010(3) of this title, and
(2) Satisfies the requirements contained in § 2011(k) of this title, such taxpayer shall be allowed a credit equal to 75% of the credit allowable under subsection (a) of this section, subject, however, to limitation and carryover provisions under § 2011(d) and (f) of this title.
The credit claimed in any tax year (including amounts carried over from previous tax years) shall not exceed the difference between $500,000 and the amount of credits claimed under § 2022 of this title for the 12 months comprising said tax year. Amounts of credit not used by virtue of the preceding sentence may be carried forward as if such unused credits arose by virtue of § 2011(f) of this title. No taxpayer may be eligible for credit under both this subsection and subsection (a) of this section for the same facility.
(d) In the case of a qualified facility located on a brownfield within any targeted area:
(1) “$900” shall be substituted for “$750” in subsection (a) of this section with respect to such qualified facility; and
(2) In applying this section, there shall be treated as a qualified activity any business, trade, commerce, profession or vocation carried on or in connection with such qualified facility, and there shall be treated as additional qualified investment all amounts expended by the taxpayer for environmental investigation and remediation of the brownfield.
The total incremental credits allowable to the taxpayer under this subsection shall not exceed the appropriate amount expended by the taxpayer for environmental investigation and remediation of the brownfield. If the provisions of this subsection apply with respect to any qualified facility, the provisions of § 2011(l) of this title shall not apply with respect to such qualified facility.
64 Del. Laws, c. 460, § ?3; 68 Del. Laws, c. 202, § ?16; 70 Del. Laws, c. 219, § ?4; 70 Del. Laws, c. 487, §§ ?4, 6; 78 Del. Laws, c. 47, §§ ?12, 13; 83 Del. Laws, c. 323, § 4;