CHAPTER 219
FORMERLY
SENATE BILL NO. 41
AS AMENDED BY
SENATE AMENDMENT NO. 1 AND
HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 20, TITLE 30 OF THE DELAWARE CODE RELATING TO BUSINESS TAX CREDITS AND DEDUCTIONS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section I. Amend §2010, Title 30 of the Delaware Code by inserting as new subsection (16) the following:
"(16) "Brownfield" is a vacant or unoccupied site with respect to any portion of which the taxpayer has reasonable cause to believe may, as a result of any prior commercial or industrial activity by any person, have been environmentally contaminated by the release or threatened release of a hazardous substance as defined under 7 J2 1. C. Chapter 91 in a manner that would interfere with the taxpayer's intended use of such site; provided, however, that such term shall not include any site or facilities with respect to any portion of which enforcement action has been initiated against any person pursuant to Chapter 63, Chapter 74 or Chapter 91 of Title 7; 42 U.S.C. §6901 et seq.; or 42 U.S.C. §9606 or §9607."
Section 2. Amend §2011, Title 30 of the Delaware Code by inserting as a new subsection (I) the following:
"(I) Except as otherwise provided in §2021(d) of this title, in the case of a qualified facility located on a brownfield, this section shall be applied with respect to such qualified facility by (i) treating as a qualified activity any business, trade, commerce, profession or vocation carried on in or in connection with such qualified facility, (ii) treating as additional qualified investment all amounts expended by the taxpayer for environmental investigation and remediation of the brownfield, and (iii) substituting 'Five hundred dollars' for Two hundred fifty dollars' in each of subparts (b)(I) and (b)(2) of this section. The total incremental credits allowable to the taxpayer under this subsection (I) shall not exceed the aggregate amount expended by the taxpayer for environmental investigation and remediation of the brownfield."
Section 3, Amend §2012(a), Title 30 of the Delaware Code by inserting immediately after "§2011(a)" the words "or §201 I (1 )".
Section 4. Amend §2021, Title 30 of the Delaware Code by inserting as new subsection (d) the following:
"(d) In the case of a qualified facility located on a brownfield within any targeted area, (i) '1750"' shall be substituted for "'$500"' in subsection (a) of this section with respect to such qualified facility, and (ii) 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 (d) shall not exceed the appropriate amount expended by the taxpayer for environmental investigation and remediation of the brownfield. If the provisions of this subsection (d) apply with respect to any qualified facility, the provisions of §2011(1) of this title shall not apply with respect to such qualified facility."
Section 5. If any provision of this Act or the application thereof to any person or circumstances is held invalid, such invalidity shall not affect other provisions or applications of this Act that can be given effect without the invalid provision or application, and to this end the provisions of this Act are severable.
Section 6. This Act shall take effect on July 1, 1995, and shall apply with respect to property placed in service by the taxpayer after June 30, 1995, and before January 1, 1997.
Approved July 13, 1995