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 Back | 146th General Assembly
House Bill # 405 |
| Primary Sponsor: | Mulrooney | Additional Sponsor(s): Sen. Marshall |
| CoSponsors: | { NONE...} |
| Introduced on : | 06/27/2012 | |
| Long Title: | AN ACT TO AMEND TITLE 30 RELATING TO THE PERSONAL INCOME TAX AND AGE 55+ HOUSING. |
| Synopsis: | This Act shall be known as the “Delaware Age 55+ Volunteer Program Act.” It provides incentives for those buying Age 55+ Homes to donate their time and talent to Delaware charities and non-profit organizations. Provided an individual donates at least 52 hours of service to participating non-profits, the individual shall be entitled to a tax credit in the amount of 2% of the purchase price of their home, up to a maximum of $8,000. For an individual purchasing a $200,000 home, this would equate to a potential tax credit of $2,000.
The program shall be available to all those who purchase homes beginning January 1, 2013 through December 31, 2015. It shall provide the opportunity for the annual tax credit through the tax year 2020. Because the incentive is being placed in the chapter of the code dealing with personal income tax, it only applies to individuals and not to corporations, limited liability companies, or other entities.
The program is designed not only to be an incentive for home sales, but also to take advantage of the skills and experiences of older Delaware residents and to encourage them to donate time to participating non-profits.
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| Current Status: | House Revenue & Finance Committee On 06/27/2012 |
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Full text of Legislation:
(in HTML format) | Legis.html | Email this Bill to a friend | |
Full text of Legislation:
(in MS Word format) | Legis.Docx (Microsoft Word is required to view this document.) |
| Fiscal Notes/Fee Impact: | F/N (InComplete) |
Actions History:
| Jun 27, 2012 - Introduced and Assigned to Revenue & Finance Committee in House
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