Delaware Tax Credits - Neighborhood Assistance - Application

Tax Credits - Neighborhood Assistance - Application
Form 2001AC
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STATE OF DELAWARE

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DIVISION OF REVENUE
820 North French St.
P.O. Box 8763
Wilm. DE 19899-8763

FORM 2001AC 0809

APPLICATION AND COMPUTATION SCHEDULE FOR CLAIMING
DELAWARE NEIGHBORHOOD ASSISTANCE TAX CREDITS

FORM 2001AC MUST BE COMPLETED AND SUBMITTED ON OR BEFORE THE LAST DAY OF THE MONTH AFTER
THE END OF THE STATE’S FISCAL YEAR END DURING WHICH THE NEIGHBORHOOD ASSISTANCE PROPOSAL WAS APPROVED.

PART 1 - NAME AND ADDRESS
1.												

TAX PERIOD ENDING DATE
or

Federal Employer Identification Number

Social Security Number

2. Name of Applicant:
3. Address:
4. Delaware Address (if different from above):

5.

Contact Person

State:
State:	

Telephone Number

Zip Code:
Zip Code:

Fax Number

E-mail Address

PART B – DELAWARE NEIGHBORHOOD ASSISTANCE TAX CREDIT COMPUTATION
1. Amount of investment in offering neighborhood assistance and providing job training,
education, crime prevention and community services to neighborhood organizations.
(Attach copy of the approved applicant proposal)
2.

Multiply Line 1 by 50%

$			

.50

3.

Delaware Neighborhood Assistance Tax Credit before limitation

$

0

4.

Maximum amount of credit

$

5.

Delaware Neighborhood Assistance Tax Credit. Enter the smaller of Line 3 or Line 4.

$

50,000

0

STOP: Enter the amount from Line 5 on Form 700, Business Tax Credit, Section A, Line 2 or on Form PIT-CRS, Personal
Income Tax Credit Schedule, Section A, Line 2.

THE TOTAL AMOUNT OF CREDITS APPROVED BY THE HOUSING DIRECTOR WITH RESPECT TO ALL APPLICANTS FOR THE DELAWARE
NEIGHBORHOOD TAX CREDITS SHALL NOT EXCEED $1,000,000 IN ANY FISCAL YEAR. CREDITS WILL BE AWARDED IN CHRONOLOGICAL
ORDER BASED UPON THE DATE AND TIME EACH CONTRIBUTION IS APPROVED BY THE DELAWARE STATE HOUSING AUTHORITY. IF A
CREDIT AWARD RESULTS IN EXCEEDING THE $1,000,000 LIMITATION FOR THE FISCAL YEAR IN WHICH IT IS AWARDED, THE AMOUNT
BY WHICH SUCH CREDIT AWARD EXCEEDS $1,000,000 SHALL CARRY OVER TO THE SUCCEEDING FISCAL YEAR AND SHALL RECEIVE
PRIORITY FOR THAT YEAR.

DELAWARE STATE HOUSING AUTHORITY
(Rev 04/2022)

TITLE

DATE

*DF40417019999*
DF40417019999

GENERAL INSTRUCTIONS FOR COMPLETION OF
FORM 2001AC 0809
Neighborhood Assistance Tax Credits are available to qualified entities that invest in organizations or programs benefiting
impoverished areas and/or low-to-moderate income families in Delaware. A qualified entity consists of an individual, S
Corporation, C Corporation, Limited Liability Company (LLC), Partnership – one lawful in Delaware, including Limited Liability
Partnerships – and any trust or estate can claim Neighborhood Assistance Tax Credits. These credits can be claimed for
investments in housing or economic programs (e.g., neighborhood associations, community development corporations or
organizations) or in services such as job training, crime prevention or education to individuals other than those employed by the
investing firm.
To claim Neighborhood Assistance Act Tax Credits, entities must first receive approval (in the form of a letter) from the Director
of the Delaware State Housing Authority. Applicants then send this letter along with a completed Delaware Form 2001AC to the
Delaware Division of Revenue for tax credit approval. Once tax credit approval is granted, the tax credit amount is
then transferred to Delaware Form 700 or Form PIT-CRS. Enter the amount from Line 5 on Form 700, Business Tax
Credit, Section A, Line 2 or on Form PIT-CRS, Personal Income Tax Credit Schedule, Section A, Line 2. To receive the tax
credit, Form 700 or Form PIT-CRS, and Form 2001AC must be attached to each applicable income tax return, along
with a copy of Delaware State Housing Authority’s approval letter. For specific questions, contact Delaware
Division of Revenue, 820 N. French Street, Wilmington, DE 19801, email at [email protected]

SPECIFIC INSTRUCTIONS
PART A - NAME AND ADDRESS OF APPLICANT
Line 1. Enter the Federal Employer Identification Number of the corporation or Social Security Number of the individual
applying for the credit and the tax year ending date in which the credit is being claimed.
Line 2. Enter the name of the corporation or individual claiming the credit.
Line 3. Enter the address of the corporation or individual claiming the credit.
Line 4. Enter the Delaware address of the corporation or individual claiming the credit, if different from Line 3.
Line 5. Enter the name of the person responsible for completing Form 2001AC. Also include the telephone number, fax
number and e-mail address of the person.

PART B - COMPUTATION OF THE DELAWARE NEIGHBORHOOD ASSISTANCE TAX CREDIT
Line 1. Enter the amount of investment previously approved by the Director of the Delaware State Housing Authority in offering
neighborhood assistance or providing job training, education, crime prevention and community services to
neighborhood organizations.
Line 2. Multiply Line 1 by 50%.
Line 3. Multiply Line 1 by Line 2. This is your tentative Delaware Neighborhood Assistance Tax Credit before
credit limitation adjustment.
Line 4. Maximum amount of credit.
Line 5. This your Delaware Neighborhood Assistance Tax Credit. Enter the smaller of Line 3 or Line 4.
STOP: Enter the amount from Line 5 on Form 700, Business Tax Credit, Section A, Line 2 or on Form PIT-CRS,
Personal Income Tax Credit Schedule, Section A, Line 2.

THE TOTAL AMOUNT OF CREDITS APPROVED BY THE HOUSING DIRECTOR WITH RESPECT TO ALL APPLICANTS FOR THE DELAWARE
NEIGHBORHOOD TAX CREDITS SHALL NOT EXCEED $1,000,000 IN ANY FISCAL YEAR. CREDITS WILL BE AWARDED IN CHRONOLOGICAL
ORDER BASED UPON THE DATE AND TIME EACH CONTRIBUTION IS APPROVED BY THE DELAWARE STATE HOUSING AUTHORITY. IF A
CREDIT AWARD RESULTS IN EXCEEDING THE $1,000,000 LIMITATION FOR THE FISCAL YEAR IN WHICH IT IS AWARDED, THE AMOUNT
BY WHICH SUCH CREDIT AWARD EXCEEDS $1,000,000 SHALL CARRY OVER TO THE SUCCEEDING FISCAL YEAR AND SHALL
RECEIVE PRIORITY FOR THAT YEAR.