Delaware on Business Facilities Online

DELAWARE Fast Facts

• Population (2008): 873,092
• Largest Cities (2008): Wilmington, 72,592; Dover, 36,107; Newark, 29,886; Middletown, 12,152
• Targeted Industries: Automotive Manufacturing, Biotechnology & Life Sciences, Chemistry & Advanced Materials,
   Financial Services, Tourism
• Key Incentives: Technology Based Seed Fund, Delaware Strategic Fund, Neighborhood Assistance Act, Public
   Utility Tax Rebates
• GDP (All Industry 2008): $61.8 billion*

*Bureau of Economic Analysis, U.S. Department of Commerce

DELAWARE State Incentives

The Delaware Strategic Fund is the primary funding source used by the Delaware Economic Development Authority to provide customized financial assistance for economic development projects. Some specific uses of the fund are Economic Development Loans or Grants, Green Industries Loans, Governmen-tal Units Development Assistance, SBIR Bridge Grants, and Brownfield Grants. This assistance usually includes recapture provisions, and is available to qualifying companies located in Delaware or considering relocation to Delaware. The amount of funding varies on an individual project basis.

Corporate Income Tax Credits (Targeted Industry & Targeted Areas) of $400 for each new employee and $400 for each new $100,000 investment are available to firms within targeted industries. Firms within these targeted industries who also locate in a targeted area qualify for $650 for each new employee and $650 for each new $100,000 investment. Firms must invest a minimum of $200,000 and create a minimum of five new positions.

Targeted Industry Tax Incentives/ Expansion without Employment Tax Credits apply to manufacturers and wholesalers that have little or no employment impact. The program also covers replacement facilities for qualifying companies. Companies planning new facilities or large expansions that invest a minimum of $1 million or 15% of the unadjusted basis in the facility are eligible to receive 75% of the Blue Collar Tax credits. Wages cannot fall below 85% of the total wages for the period 12 months prior to the opening of a new or expanded facility. During the 10-year life of credits, credits may not exceed 50% of the company's pre-credit tax liability in any one year.

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