CHAPTER 388
FORMERLY
HOUSE SUBSTITUTE NO. 1
FOR
HOUSE BILL NO. 501
AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO THE HISTORIC PRESERVATION TAX CREDIT.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend § 1812(1), Title 30 of the Delaware Code by inserting the phrase “or, if applicable, phase thereof” after the phrase “certified rehabilitation”.
Section 2. Amend § 1812(3), Title 30 of the Delaware Code by striking the word “structure” and inserting in place thereof the phrase “property or portion thereof”.
Section 3. Amend § 1812, Title 30 of the Delaware Code by renumbering subsections (11) through (16) as new subsections (12) through (17); and any reference thereto as subsections (12) through (17), inclusive, and adding a new subsection (11) to read as follows:
“(11) ‘Phased rehabilitation’ shall mean any certified rehabilitation of a certified historic property reasonably expected to be completed in two (2) or more distinct stages of development as more fully described in Treasury Regulation 1-48-12(b)(v) or any successor provision.”.
Section 4. Amend new § 1812(16), Title 30 of the Delaware Code by inserting the phrase “or 60-month period, as applicable,” after the phrase “24-month period” as found in said subsection.
Section 5. Amend §1814, Title 30 of the Delaware Code by inserting a new Section (e) to read as follows:
“(e). Credits issued to the initial assignee, or in the case of a tax-exempt assignee, to the first taxable transferee after the associated phase completion, shall be subject to revocation and repayment to the Delaware Division of Revenue or the Office of the State Bank Commissioner if, under regulations issued by the State Office, a phased rehabilitation is not completed by the agreed upon completion date demonstrates that the applicant for the credit award for the project is unable or unwilling to complete it or, in the event that the project does not meet the certification requirements previously agreed to with the State Office.”.
Section 6. Amend § 1815(f), Title 30 of the Delaware Code by inserting between the phrase “certified rehabilitation.” and “All repairs” the following sentence to read as follows:
“Projects requesting credits upon phase completion must present and receive approval of completion dates for all project phases, including the completion date for the entire project, from the State Office.”
Section 7. Amend § 1815(g), Title 30 of the Delaware Code by inserting the phrase “or, if applicable, phase thereof” after each of the four (4) references to the word “rehabilitation” as found in said subsection.
Section 8. Amend § 1815, Title 30 of the Delaware Code by inserting a new section (j) to read as follows:
“(j). Credits subject to revocation and repayment under §1814 (e) of this Title, such shall be treated as an unpaid tax assessment, and, in pursuing the repayment of such credits, the Division of Revenue and the Office of the State Bank Commissioner shall have at their disposal all means of collection and enforcement permitted under Titles 30 and 5 of the Delaware Code respectively.”.
Section 9. Amend § 1816(d), Title 30 of the Delaware Code by striking the word “all” and inserting in place thereof the word “the” and by inserting the phrase “or, if applicable, phase thereof” after the word “ rehabilitation” as found in said subsection.
Section 10. This Bill shall be retroactive to any person or property entitled to claim credits under the Historic Preservation Tax Credit Act.