HOUSE OF REPRESENTATIVES

151st GENERAL ASSEMBLY

HOUSE BILL NO. 284

AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO THE NEIGHBORHOOD ASSISTANCE TAX CREDIT.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend § 2006, Title 30 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:

§ 2006. Limitations on credits.

(a) The aggregate amount of such tax credits approved for all persons may not exceed $1,000,000 $2,000,000 in any 1 fiscal year.

(b) The Director of the Delaware State Housing Authority shall ensure that each application has the date and time of submission recorded. Credits must be awarded in chronological order based upon the date and time upon which each complete application is received by the Delaware State Housing Authority. If a credit award results in exceeding the $1,000,000 $2,000,000 limitation for the fiscal year in which it is awarded, the amount by which such credit award exceeds $1,000,000 $2,000,000 must carry over to the succeeding fiscal year and must receive priority for that year.

SYNOPSIS

This Act increases the aggregate amount of Neighborhood Assistance Tax Credits that can be approved in any 1 fiscal year from $1,000,000 to $2,000,000.