Delaware General Assembly

House Appropriations 6/20/12

The General Assembly has ended, the current status is the final status.

6/12/12

Q. Johnson

Rep. D. Short

Reps. Heffernan, Longhurst, Mitchell, B. Short, M. Smith, Willis

AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO STATE ECONOMIC DEVELOPMENT.

This Act will allow expanded early stage investment of capital into targeted Delaware businesses, thereby assisting in the creation of jobs.  The Act provides tax credits for investments into targeted small businesses that have been certified by the First State Angel Investment Council (FSAIC). The FSAIC FSAIC will review applications submitted by small businesses meeting the eligibility requirements.  A qualified investor may then make an investment into the qualified small business and receive a tax credit for Delaware income tax. The FSAIC is authorized to grant $500,000 of state income tax credits within a period of two years from the passage of the Act.  This will potentially generate $2.5 million of private investment into qualified small businesses and if the average size of an investment is $50,000, there will be fifty Delaware small businesses that will receive investments which will help create new jobs in the state which will foster additional economic activity including more personal income tax revenue for the state.

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