Surrounded by State Legislators, entrepreneurs, and business leaders, Governor Jack Markell signed HB 318 at the Delaware Technology Park on Tuesday, July 15th! Seated to the right of the Governor was Andy Lubin, representing the Delaware Technology Park (DTP) and the University of Delaware; seated to the left of the Governor was bill sponsor Rep. Bryan Short.
Currently, all businesses are entitled to a state tax credit that is equal to half of the corresponding federal tax credit for R&D activity occurring in Delaware. The Act doubles the research and development tax credit available to smaller businesses while keeping in place its annual cap of $5 million for the credit as a whole. Under this Act, businesses with less than $20 million average annual gross receipts for the most recent four years are entitled to a credit equal to 100% of the corresponding federal credit. The SBDC and OEIP were proud to join DTP and Delaware Bio in hosting the ceremony.