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DE HB454

Bill

Official Source

Status

Introduced

6/28/2024

Primary Sponsor

Michael Ramone

Click for details

Origin

House of Representatives

152nd General Assembly

AI Summary

  • Creates a one-time Small Business COVID-19 Tax Credit equal to 25% of a small business's 2019 gross receipts for tax years beginning after December 31, 2024
  • Establishes application deadline of December 1, 2024 for businesses seeking the tax credit
  • Defines "small business" as any Delaware-based business with 25 or fewer full-time employees as of December 31, 2019, and in good standing with all federal and state tax returns filed as of January 1, 2024
  • Defines "full-time employee" as a person or combination of part-time persons working at least 35 hours per week
  • Credit applies to personal income tax and corporation income tax computations under Chapter 11 and Chapter 19 of Delaware Code

Legislative Description

An Act To Amend Title 30 Of The Delaware Code Relating To Small Business Tax Credits.

Last Action

Introduced and Assigned to Revenue & Finance Committee in House

6/28/2024

Committee Referrals

Revenue & Finance6/28/2024

Full Bill Text

No bill text available