Delaware House Bill 386 (Prior Session Legislation)

---

Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Introduced on June 12 2012 - 25% progression, died in committee
Action: 2012-06-20 - Assigned to Appropriations Committee in House
Pending: House Appropriations Committee
Text: Latest bill text (Draft #1) [HTML]

This Act will allow expanded early stage investment of capital into targeted Delaware businesses, thereby assisting in the creation of jobs. The Act provides tax credits for investments into targeted small businesses that have been certified by the First State Angel Investment Council (FSAIC). The FSAIC FSAIC will review applications submitted by small businesses meeting the eligibility requirements. A qualified investor may then make an investment into the qualified small business and receive a tax credit for Delaware income tax. The FSAIC is authorized to grant $500,000 of state income tax credits within a period of two years from the passage of the Act. This will potentially generate $2.5 million of private investment into qualified small businesses and if the average size of an investment is $50,000, there will be fifty Delaware small businesses that will receive investments which will help create new jobs in the state which will foster additional economic activity including more personal income tax revenue for the state.

Rep. Debra Heffernan [D]	Rep. Quinton Johnson [D]	Rep. Valerie Longhurst [D]	Rep. John Mitchell [D]
Rep. Bryon Short [D]	Rep. Daniel Short [R]	Rep. Melanie Smith [D]	Rep. Lincoln Willis [R]

Date	Chamber	Action
2012-06-20		Assigned to Appropriations Committee in House
2012-06-20		Reported Out of Committee (HOUSE ADMINISTRATION) in House with 3 On Its Merits
2012-06-12		Introduced and Assigned to House Administration Committee in House

Type	Source
Summary	http://legis.delaware.gov/LIS/lis146.nsf/2bede841c6272c888025698400433a04/06403f0f91ed3f1285257a16006f738e?OpenDocument
Text	http://legis.delaware.gov/LIS/lis146.nsf/vwLegislation/HB+386/$file/legis.html?open