DE SB271

Expands the New Economy Jobs Program to allow employers relocating at least 200 jobs to Delaware to qualify for tax credits on withheld employee compensation.

Establishes a base tax credit of 25% of withholding payments for employers meeting the 200-job threshold, increasing by 0.05% for each additional vital employee hired beyond 200, up to a maximum of 40%.

Requires vital employees to receive average compensation of at least $70,000 and maintain separate calculations from the existing 50-employee eligible job credit category.

Preserves additional geographic incentives allowing employers to claim supplemental credits of 5-10% for jobs located in municipalities, targeted growth areas, targeted growth counties, or reclaimed brownfields.

Effective date is June 30, 2012 for vital employees hired after that date; overall maximum tax credit capped at 65% of qualified withholding payments.