Delaware Documents Online
Homepage → Fill Out Your Delaware 700 Form
Content Navigation

Example - Delaware 700 Form

STATE OF DELAWARE FORM 700

DELAWARE INCOME TAX CREDIT SCHEDULE

DIVISION OF REVENUE

820 North French St.

P.O. Box 8911

Wilm., DE 19899-8911

PART A -- NAME AND ADDRESS OF TAXPAYER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

Enter Federal Employer Identification Number or Social Security Number

 

 

 

 

 

 

 

 

 

 

 

Tax Period Ending Date

 

Federal Employer Identification Number:

 

1 ---

 

 

 

---

 

 

 

 

 

 

 

 

 

 

 

 

 

( MM / DD / YY )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Social Security Number:

2

---

 

 

 

 

 

 

 

 

 

 

 

 

 

---

 

 

 

---

 

 

 

 

 

 

 

 

_______ / _______ /_______

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.

Name of Taxpayer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART B – DELAWARE INCOME TAX CREDIT COMPUTATION

ECONOMIC DEVELOPMENT CREDITS

1. Credit carryover from previous year

2.Current year credits approved for a qualified:

(a)C corporation (Enter the total amount of approved current year credit)

(b) S corporation (Multiply total credit by percentage of stockholder ownership)

(c) Partnership (Multiply total credit by percentage ownership of partnership)

(d) Sole Proprietor (Enter the total amount of approved current year credit) 3. Total current year credits (Add Lines 2(a) through 2(d)) 4. Total Economic Development Credits (Add Line 1 and Line 3)

GREEN INDUSTRIES CREDITS

5.Credit carryover from previous year

6.Current year credits approved for a qualified:

(a)C corporation (Enter the total amount of approved current year credit)

(b)S corporation (Multiply total credit by percentage of stockholder ownership)

(c) Partnership (Multiply total credit by percentage ownership of partnership)

(d) Sole Proprietor (Enter the total amount of approved current year credit)

7.Total current year credits (Add Lines 6(a) through 6(d))

8. Total Green Industries Credits (Add Line 5 and Line 7)

RESEARCH & DEVELOPMENT CREDITS

9. Credit carryover from previous year

10. Current year credits approved for a qualified:

(a) C corporation (Enter the total amount of approved current year credit)

(b) S corporation (Multiply total credit by percentage of stockholder ownership)

(c) Partnership (Multiply total credit by percentage ownership of partnership)

(d) Sole Proprietor (Enter the total amount of approved current year credit)

11. Total current year credits (Add Lines 10(a) through 10(d))

12.Total Research & Development Credits (Add Line 9 and Line 11)

13.Add Lines 4, 8 and 12

14.Enter 50% of the current year Delaware income tax liability

15.Enter the smaller of Line 13 or Line 14

LAND & HISTORIC RESOURCE CONSERVATION CREDITS

16.Credit carryover from previous year

17.Current year credits approved for a qualified:

(a)C corporation (Enter the total amount of approved current year credit)

(b)S corporation (Multiply total credit by percentage of stockholder ownership)

(c)Partnership (Multiply total credit by percentage ownership of partnership)

(d)Sole Proprietor (Enter the total amount of approved current year credit)

(e)Estate/Trust (Multiply total credit by percentage of beneficiary ownership)

(f)Decedent Estate (Enter the total amount of approved current year credit)

18.Total current year credits (Add Lines 17(a) through 17(f))

19.Total Land & Historic Resource Conservation Credits (Add Line 16 and Line 18)

HISTORIC PRESERVATION CREDITS

20.Credit carryover from previous year

21.Current year credits approved for a qualified:

(a)C corporation (Enter the total amount of approved current year credit)

(b)S corporation (Multiply total credit by percentage of stockholder ownership)

(c)Partnership (Multiply total credit by percentage ownership of partnership)

(d)Sole Proprietor (Enter the total amount of approved current year credit)

(e)Estate/Trust (Multiply total credit by percentage of beneficiary ownership)

(f)Decedent Estate (Enter the total amount of approved current year credit)

22.Total current year credits (Add Lines 21(a) through 21(f))

23.Total Historic Preservation Credits (Add Line 20 and Line 22)

TRAVELINK TRAFFIC MITIGATION CREDITS (Corporate Income Tax Credit Only)

24.Credit carryover from previous year

25.Current year credits approved for a qualified:

(a)C corporation (Enter the total amount of approved current year credit)

26.Total Travelink Traffic Mitigation Credits (Add Line 24 and Line 25(a))

NEIGHBORHOOD ASSISTANCE TAX CREDITS (Corporate Income Tax Credit Only)

27. Credit carryover from previous year

28. Current year credits approved for a qualified:

(a)C corporation (Enter the lesser of $100,000 or 50% of the amount invested in a community-based development program)

29. Total Neighborhood Assistance Credits (Add Line 27 and Line 28(a))

30. Add Lines 19, 23, 26 and 29

31. Enter 100% of the current year Delaware income tax liability

32. Subtract Line 15 from Line 31

33. Enter the smaller of Line 30 or Line 32

34.TOTAL DELAWARE INCOME TAX CREDITS. Add Line 15 and Line 33.

(Read the general and specific instructions to determine proper placement of credits on your Delaware income tax return)

SPECIFIC INSTRUCTIONS

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 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, Travelink Traffic Mitigation and Neighborhood Assistance credits. Enter the aggregate of the four credits on Line 30. Enter on Line 31, 100% of the Delaware income tax liability of the entity actually claiming the credits. Enter on Line 32 the remainder of the Delaware income tax liability not used to claim the Economic Development, Green Industries or Research & Development credits. Enter on Line 33, the smaller of Line 30 or Line 32. 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 33 and enter the result on Line 34. Enter the amount from Line 34 on the appropriate Delaware income tax credit line based upon your filing requirement. IF THE ENTITY CLAIMING THE DELAWARE INCOME TAX

CREDITS IS A:

1.C corporation - Enter the amount from Line 34 on Form 1100, Page 1, Line 17.

2.S corporation - Enter the amount from Line 34 on Form 1100S, Schedule A-1, Line 23.

3.Partnership - If a resident partner, enter the amount from Line 34 on Form 200-01, Page 1, Line 11. If a nonresident partner, enter the amount from Line 34 on Form 200-02, Page 1, Line 45.

4.Resident Individual/Sole Proprietor - Enter the amount from Line 34 on Form 200-01, Page 1, Line 11.

5.Nonresident Individual/Sole Proprietor - Enter the amount from Line 34 on Form 200-02, Page 1, Line 45.

6.Resident & Nonresident Estate/Trust - If a resident beneficiary, enter the amount from Line 34 on Form 200-01, Page 1, Line 11. If a nonresident beneficiary, enter the amount from Line 34 on Form 200-02, Page 1, Line 45.

7.Resident & Nonresident Decedent Estate - Enter the amount from Line 34 on the appropriate line of Form 900.

Delaware 700: Usage Guide

Filling out the Delaware Form 700 is a straightforward process, but it requires careful attention to detail. This form is essential for claiming various income tax credits in Delaware. Before you start, gather all necessary documents, including your tax identification numbers and any previous year credit information. Once you have everything ready, follow these steps to complete the form accurately.

  1. Enter your identification numbers: In Part A, fill in your Federal Employer Identification Number (EIN) or Social Security Number (SSN), along with the tax period ending date.
  2. Provide your name: Write your name in the designated space in Part A.
  3. Complete Economic Development Credits: In Part B, start with Line 1 by entering any credit carryover from the previous year. Then, fill in the current year credits approved for C corporations, S corporations, partnerships, and sole proprietors in Lines 2(a) through 2(d).
  4. Calculate totals: Add the current year credits from Lines 2(a) through 2(d) and enter the total on Line 3. Then, add Line 1 and Line 3 to find the total Economic Development Credits and enter that on Line 4.
  5. Proceed to Green Industries Credits: Repeat the process for Lines 5 through 8, entering the credit carryover and current year credits, and calculating the totals accordingly.
  6. Fill out Research & Development Credits: Continue with Lines 9 through 12, following the same steps to enter carryovers and current year credits.
  7. Summarize credits: Add Lines 4, 8, and 12 together and enter the sum on Line 13. Then, enter 50% of your current year Delaware income tax liability on Line 14.
  8. Determine smaller value: Compare the values from Line 13 and Line 14, and enter the smaller amount on Line 15.
  9. Complete Land & Historic Resource Conservation Credits: For Lines 16 through 19, repeat the process of entering carryovers and current year credits, then calculate the totals.
  10. Fill out Historic Preservation Credits: Use Lines 20 through 23 to complete this section, entering the necessary information and totals.
  11. Complete Travelink and Neighborhood Assistance Credits: For Lines 24 through 29, follow the same steps to enter the required information.
  12. Final calculations: Add Lines 19, 23, 26, and 29 together and enter the total on Line 30. Enter 100% of your current year Delaware income tax liability on Line 31. Subtract Line 15 from Line 31 and enter the result on Line 32. Finally, enter the smaller of Line 30 or Line 32 on Line 33.
  13. Calculate total credits: Add Line 15 and Line 33 to find the total Delaware income tax credits, which you will enter on Line 34.

After completing the form, make sure to review it for accuracy. You will need to file this form along with your Delaware income tax return, depending on your entity type. Keep a copy for your records, and ensure you meet any filing deadlines to avoid penalties.

Documents used along the form

The Delaware Form 700 is essential for claiming various income tax credits. Several other documents are often used in conjunction with this form to ensure accurate reporting and compliance with tax regulations. Below is a list of these documents, along with brief descriptions of each.

  • Delaware Form 1100: This form is used by C corporations to report their income, deductions, and credits. It is where the amount from Line 34 of Form 700 is entered, reflecting the total Delaware income tax credits claimed.
  • Delaware Form 1100S: This form is specifically for S corporations. It allows them to report their income and any applicable credits. The amount from Line 34 of Form 700 is entered on Schedule A-1 of this form.
  • Delaware Form 200-01: This form is utilized by partnerships and resident individuals to report income and credits. For resident partners or individuals, the amount from Line 34 of Form 700 is entered on Page 1, Line 11.
  • Emotional Support Animal Letter: This letter serves as a verification of a person's need for an emotional support animal due to mental or emotional disabilities. It must be issued by a licensed mental health professional, allowing individuals to live and travel with their emotional support animal in accordance with federal laws. For more information, visit https://toptemplates.info/.
  • Delaware Form 200-02: Nonresident partners and individuals use this form to report their income and credits. Similar to Form 200-01, the amount from Line 34 of Form 700 is entered on Page 1, Line 45.

Using these forms in conjunction with Delaware Form 700 helps ensure that taxpayers accurately report their income tax credits and comply with state regulations. Proper completion of these documents is crucial for maximizing tax benefits and minimizing potential issues with tax authorities.

Key takeaways

1. The Delaware Form 700 is essential for claiming various tax credits related to economic development, green industries, research and development, and more. Proper completion is necessary to ensure that taxpayers receive the benefits they are entitled to.

2. Taxpayers must include their Federal Employer Identification Number or Social Security Number on the form. This identification is crucial for processing the credits accurately.

3. The form requires detailed calculations for different types of credits. Taxpayers must compute carryovers from previous years and current year credits for various business structures, including C corporations, S corporations, partnerships, and sole proprietors.

4. It is important to understand the limitations of the credits. For instance, economic development credits are capped at 50% of the Delaware income tax liability, while other credits can offset up to 100% of the liability.

5. Taxpayers must aggregate the credits from multiple categories. This total will determine the maximum credit that can be claimed for the current year, which is then reported on the appropriate Delaware income tax return.

6. The entity claiming the credits must be clearly identified. C corporations and sole proprietors claim credits directly, while partnerships and S corporations pass the credits through to their partners or shareholders, who must then file Form 700 with their individual tax returns.

Find More PDFs

Holding Company in Delaware - An automatic extension can be sought if a federal extension is filed timely.

When engaging in a motorcycle sale in California, having a properly completed Motorcycle Bill of Sale is vital to ensure a smooth transaction. This document captures important details about the sale, protecting both the buyer and the seller. For those looking to simplify the process, resources like smarttemplates.net/fillable-california-motorcycle-bill-of-sale/ can be invaluable in providing an accurate and legally compliant template.

Delaware Pardon Application - Transferring or pending offenses must also be documented in your application.

File Details

Fact Name Details
Purpose of Form The Delaware Form 700 is used to calculate various income tax credits available to taxpayers in Delaware.
Governing Law This form is governed by the Delaware Code Title 30, Chapter 20, which outlines income tax regulations.
Who Must File Taxpayers claiming credits on their Delaware income tax return must complete this form. This includes C corporations, S corporations, partnerships, and sole proprietors.
Types of Credits The form allows for the calculation of Economic Development Credits, Green Industries Credits, Research & Development Credits, and several others.
Credit Carryover Taxpayers can carry over unused credits from the previous year to the current year, allowing for potential tax savings.
Calculation of Credits Credits are calculated based on various factors, including the type of entity and the percentage of ownership in partnerships and S corporations.
Limitations on Credits There are limitations on the amount of credits that can be claimed. For instance, Economic Development Credits are limited to 50% of the Delaware income tax liability.
Filing Requirements Each type of entity has specific filing requirements for reporting the credits claimed, which vary based on the entity's classification.
Deadline for Submission Form 700 must be submitted along with the Delaware income tax return by the tax filing deadline to ensure proper credit application.
Importance of Accuracy Accurate completion of Form 700 is essential to avoid delays in processing and potential issues with tax liabilities.
⇓ PDF File