Delaware Tax Credits - Neighborhood Assistance - Application
Extracted from PDF file 2022-delaware-form-2001ac.pdf, last modified February 2020
Tax Credits - Neighborhood Assistance - ApplicationReset STATE OF DELAWARE Print 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.
More about the Delaware Form 2001AC Corporate Income Tax Tax Credit TY 2022
A corporation that contributes to a neighborhood organization, community development corporation, or community-based development organization, or that provides neighborhood assistance, job training or education for individuals not employed by the business firm, community services, crime prevention, housing or economic development in an impoverished area may be eligible for the Neighborhood Assistance Tax Credit.
We last updated the Tax Credits - Neighborhood Assistance - Application in February 2023, so this is the latest version of Form 2001AC, fully updated for tax year 2022. You can download or print current or past-year PDFs of Form 2001AC directly from TaxFormFinder. You can print other Delaware tax forms here.
Other Delaware Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 1100||Corporate Income Tax Return|
|Form 700||Delaware Income Tax Credit Schedule|
|Form 5403||Real Estate Tax Return - Declaration of Estimated Income Tax|
|Form 300||Delaware Partnership Return|
|Form 300-Schedule-K1||Partners Share of Income|
Delaware usually releases forms for the current tax year between January and April. We last updated Delaware Form 2001AC from the Division of Revenue in February 2023.
Form 2001AC is a Delaware Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Delaware Form 2001AC
We have a total of ten past-year versions of Form 2001AC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
STATE OF DELAWARE
STATE OF DELAWARE
STATE OF DELAWARE
STATE OF DELAWARE
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