HB 218 Summary

• Establishes the Delaware Investment Fund Tax Credit Program to provide tax incentives for investments in venture capital funds operating in Delaware.

• Allows accredited investors who invest certified capital in a Certified Delaware Investment Fund to claim a tax credit equal to 25% of their cash investment.

• Tax credits can be applied against Delaware income taxes, corporate taxes, and other specified state taxes, with unused credits carried forward for up to 15 years.

• Director of the Delaware Economic Development Office and Director of the Division of Revenue jointly administer the program and certify eligible investment funds within 60 days of application.

• Records of Certified Delaware Investment Funds provided to state agencies are exempt from public disclosure requirements under Delaware's Freedom of Information laws.