DE HB405

Creates the "Delaware Age 55+ Volunteer Program Act" providing personal income tax credits for individuals who purchase Age 55+ Homes and volunteer for Delaware charities between January 1, 2013 and December 31, 2015.

Tax credit equals the lesser of $8,000 or 2% of the purchase price of the Age 55+ Home, with credits available through tax year 2020 or until the home is sold.

Requires volunteers to donate a minimum of 52 hours of service annually to registered 501(c)(3) non-profit organizations without compensation (reimbursement of out-of-pocket expenses allowed).

Prorates credit requirements and amounts based on purchase timing: 39 hours (75% credit) for Q1 purchases, 26 hours (50% credit) for Q2 purchases, 13 hours (25% credit) for Q3 purchases, and no credit for Q4 purchases.

Defines Age 55+ Homes as residential communities where at least 80% of residences house residents aged 55 or older, with no permanent residents under 18 (temporary visitors under 30 days annually permitted).