House Bill 235 signed by the governor January 27 and effective July 1, 2016 enacts the Delaware Competes Act to reform Delaware’s business tax code to incentivize job creation and investment in Delaware, to make Delaware’s tax structure more competitive with other states, and to support small businesses by making tax compliance less burdensome. The principal change is to remove disincentives for companies to create Delaware jobs and invest in Delaware property that currently exists in how income is apportioned to Delaware for purposes of the corporate income tax.
February 1, 2016