HB 380 Summary

• Establishes a Business Finder's Fee Tax Credit program to incentivize existing Delaware businesses to recruit out-of-state companies to relocate to Delaware.

• Provides a $500 annual tax credit per full-time Delaware employee created by the new business, available for three years from the certification date.

• Requires joint applications from both the sponsoring Delaware firm and the relocating out-of-state firm, with the out-of-state firm meeting criteria including three years of prior business operation and no prior Delaware presence.

• Excludes real estate agencies, real estate developers, commercial landlords, and banks from serving as sponsor firms, as they already have financial incentives to recruit businesses.

• Caps total annual tax credits at $3,000,000 per state fiscal year, with excess credits carrying over to the next fiscal year; takes effect October 1, 2010.