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.
- Jun 20, 2012
- Last Action:
- Aug 13, 2012
Signed by Governor
State legislative information provided by LegiNation, Inc. and LegiScan, Inc. Some information also from Open States.
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
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.