SB271. An Act To Amend Title Subchapter Ix Of Title 30 Of The Delaware Code Relating To Tax Credits.

Delaware General Assembly. 146th General Assembly. Senate.

Introduced:: Jun 20, 2012
Last Action:: Aug 13, 2012
Signed by Governor

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History

Jun 20, 2012: Assigned to Finance Committee in Senate

Jun 21, 2012: Reported Out of Committee (FINANCE) in Senate with 4 On Its Merits

Jun 26, 2012: Passed by Senate. Votes: Passed 19 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT

Jun 27, 2012: Introduced and Assigned to Revenue & Finance Committee in House

Jun 30, 2012: Necessary rules are suspended in House

Jun 30, 2012: Passed by House of Representatives. Votes: Passed 31 YES 10 NO 0 NOT VOTING 0 ABSENT 0 VACANT

Aug 13, 2012: Signed by Governor

Summary

This Act expands the New Economy Jobs Program by creating another means by which employers relocating jobs to Delaware may qualify for the tax credit. Under this Act, employers that relocate at least 200 jobs to Delaware will be entitled to a tax credit equal to 25% of the withholding paid by the employer on behalf of the relocated employees.If employers relocate more than 200 jobs, the size of the tax credit increases and can reach 40% if the employer relocates 500 or more employees. The Act also maintains incentives for relocating jobs into municipalities, targeted growth areas and counties, and on to redeveloped brownfields.Altogether, the maximum tax credit can reach 65% of the withholding paid on behalf of the relocated employees.