Small Business in Delaware to Get Expanded Tax Credit
DOVER, Del. (AP) - Small business owners in Delaware will soon be able to take advantage of an expanded tax credit.
Gov. Jack Markell plans to sign legislation Tuesday that doubles the state research and development tax credit available to smaller businesses while maintaining the annual cap of $5 million for the credit as a whole.
Currently, all businesses are entitled to a state tax credit equal to half of the corresponding federal tax credit for research and development activity in Delaware.
Under the legislation, businesses with less than $20 million average annual gross receipts for the most recent four years are entitled to a credit equal to the entire corresponding federal credit.