HB 435 Summary

• Establishes the STEM Talent Advancement and Retention (STAR) Program to provide personal income tax credits to post-secondary graduates employed in STEM fields at Delaware-based employers for reimbursement of education loan expenses.

• Offers maximum annual tax credits of $1,000 for associate degree holders, $4,000 for bachelor's degree holders, and $6,000 for graduate or post-graduate degree holders, available for up to 4 consecutive years.

• Creates a Fund Committee administered by the Department of Finance in partnership with the Delaware Center for Life Science Education and Training to review applications and award credits on a competitive basis.

• Requires a minimum annual appropriation of $100,000 to the STAR Fund from the General Assembly budget, with authority to seek additional federal funds, grants, or private contributions.

• Takes effect 10 days after publication of notices confirming appropriated funds and Controller General approval; implementation required within 6 months or upon promulgation of final regulations; program expires 5 years after effective date unless extended.