NON-REFUNDABLE INCOME TAX CREDITS
Delaware Form 700 must be completed by the person actually claiming the credits on the Delaware income tax return. A qualified and approved C corporation or Sole Proprietor will claim the credit directly on their respective Delaware income tax return. A Partnership or S corporation does not directly claim the Delaware income tax credits because the entities are classified as pass-through entities. The partners of the partnership or the shareholders of the S corporation will be required to file Delaware Form 700 with the individual Delaware personal income tax returns and claim a percentage of the total credit approved for the partnership or S corporation based upon the partner’s or shareholder’s percentage ownership in the pass-through entity.
Enter the credit carryover and the current year credits on the appropriate lines for the Economic Development, Green Industries/Brownfield, and Research & Development credits. Enter the aggregate of the three credits on Line 13. Enter on Line 14, 50% of the Delaware income tax liability of the entity actually claiming the credits. Enter on Line 15 the smaller of Line 13 or Line 14. These credits are limited to 50% of the Delaware income tax liability.
Enter the credit carryover and the current year credits on the appropriate lines for the Land & Historic Resource Conservation, Historic Preservation, and Neighborhood Assistance credits. Enter the aggregate of the three credits on Line 27. Enter on Line 28, 100% of the Delaware income tax liability of the entity actually claiming the credits. Enter on Line 29 the remainder of the Delaware income tax liability not used to claim the Economic Development, Green Industries/Brownfield, or Research & Development credits. Enter on Line 30, the smaller of Line 27 or Line 29. These credits are limited to 100% of the Delaware income tax liability. To determine the aggregate of the approved Delaware income tax credits to be claimed during the current year, add Line 15 and Line 30 and enter the result on Line 31. Enter the amount from Line 31 on the appropriate Delaware income tax based upon your filing requirement.
IF THE ENTITY CLAIMING THE NON-REFUNDABLE DELAWARE INCOME
TAX CREDITS IS A:
1. C corporation - Enter the amount from Line 31 on Form 1100, Page 1, Line 17.
2. S corporation - Enter the amount from Line 31 on Form 1100S, Schedule A-1, Line 23.
3. Partnership - If a resident partner, enter the amount from Line 31 on Form 200-01, Page 1, Line 12. If a nonresident partner, enter the amount from Line 31 on Form 200-02, Page 1, Line 45.
4. Resident Individual/Sole Proprietor - Enter the amount from Line 31 on Form 200-01, Page 1, Line 12.
5. Nonresident Individual/Sole Proprietor - Enter the amount from Line 31 on Form 200-02, Page 1, Line 45.
6. Resident & Nonresident Estate/Trust - If a resident beneficiary, enter the amount from Line 31 on Form 200-01, Page 1,
Line 12. If a nonresident beneficiary, enter the amount from Line 31 on Form 200-02, Page 1, Line 45.
7. Resident & Nonresident Decedent Estate - Enter the amount from Line 31 on the appropriate line of Form 900.
REFUNDABLE BUSINESS TAX CREDITS
Enter the amount from Line 38 on the appropriate Delaware income tax line based upon your filing requirement. IF THE ENTITY CLAIMING THE REFUNDABLE BUSINESS TAX CREDIT IS A:
1. C corporation - Enter the amount from Line 38 on Form 1100, Page 1, Line 17.
2. S corporation - Enter the amount from Line 38 on Form 1100S, Schedule A-1, Line 23.
3. Partnership - If a resident partner, enter the amount from Line 38 on Form 200-01, Page 1, Line 19.
If a nonresident partner, enter the amount from Line 38 on Form 200-02, Page 1, Line 50.
4. Resident Individual/Sole Proprietor - Enter the amount from Line 38 on Form 200-01, Page 1, Line 19.
5. Nonresident Individual/Sole Proprietor - Enter the amount from Line 38 on Form 200-02, Page 1, Line 50.
6. Resident & Nonresident Estate/Trust - If a resident beneficiary, enter the amount from Line 38 on Form 200-01, Page 1,
Line 19. If a nonresident beneficiary, enter the amount from Line 38 on Form 200-02, Page 1, Line 50.
7. Resident & Nonresident Decedent Estate - Enter the amount from Line 38 on the appropriate line of Form 900.
(Rev. 10/27/14)