§ 2090. Legislative findings and purpose; creation of the business finder’s fee tax credit.
§ 2090. Legislative findings and purpose; creation of the business finder’s fee tax credit. The General Assembly finds and declares that the State should partner with the Delaware business community to create and develop new employment opportunities for the citizens of the State. The General Assembly further finds that existing Delaware businesses are ideally situated […]
§ 2091. Definitions.
§ 2091. Definitions. As used in this subchapter: (1) “Affiliate” means any business organization or person that directly, or indirectly through 1 or more intermediaries, controls, or is controlled by, or is under common control with, the person or business entity specified, or person who is an officer, director, partner, or trustee of the person […]
§ 2092. Business finder’s fee credit.
§ 2092. Business finder’s fee credit. (a) Subject to the limitations of this subchapter, a certified sponsor firm and a certified new business firm shall each be eligible for a tax credit equal to $500 times the total number of full-time Delaware employees of the certified new business firm each tax year for 3 tax […]
§ 2093. New business certification process.
§ 2093. New business certification process. (a) To qualify for a business finder’s fee credit, a proposed sponsor firm and proposed new business firm shall submit a joint application to the Division, which shall consider whether the application meets the following criteria: (1) The proposed sponsor firm and proposed new business firm each meet the […]
§ 2094. Tax credit application process.
§ 2094. Tax credit application process. (a) In order to obtain a credit, certified sponsor firms and certified new business firms shall submit a joint tax credit application to the Division for the business finder’s fee tax credit on or after the anniversary of the new business certification date, which certifies the number of full-time […]
§ 2095. Reports.
§ 2095. Reports. The Division shall report annually to the General Assembly, on or before March 1, the names of all certified sponsor and new business firms, the total amount of tax credits awarded pursuant to this Program, and the number of jobs created. 77 Del. Laws, c. 300, § 1; 81 Del. Laws, c. […]
§ 2096. Reconsideration.
§ 2096. Reconsideration. Where any applicant for a new business finder’s fee tax credit pursuant to this subchapter objects to any determination by the Director, such applicant shall be entitled to a reconsideration of such decision by the Director or the Director’s designee. Such request shall be filed with the Director within 60 days from […]
§ 2097. Limitations on credits.
§ 2097. Limitations on credits. (a) The aggregate amount of such tax credits approved for all sponsor and new business firms shall not exceed $3,000,000 in any state fiscal year. (b) The Director shall ensure that each application has the date and time of submission recorded. Credits will be awarded in chronological order based upon […]