SB 294 Summary

• Establishes the Job Incentive Fund to provide grants to businesses that expand or relocate to Delaware, with grants ranging from $1,000 to $6,500 per qualified employee added and 3-5% of qualified capital investment.

• Defines "qualified employees" as new positions paying at least $20,000 annually and "qualified capital investment" as at least $500,000 in construction, equipment, or infrastructure improvements within three years.

• Requires applicants to meet basic eligibility criteria including financial viability, a complete business plan, and demonstrated net positive expansion of Delaware's economic base using input-output modeling.

• Ranks eligible applicants competitively based on likelihood of success, job quality, economic impact, capital investment level, support for transformative industries, Clean Energy Economy contribution, and local supplier network effects.

• Funds the program with $2,500,000 annually from abandoned property revenues, transferred to the Job Incentive Fund no later than December 31 of each fiscal year beginning after June 30, 2011.