Governor Minner Signs New Economy Jobs Bill
Legislation Designed to Bring New Jobs and Bolster State's Businesses
Dover, DE (June 30, 2007) - This evening, Governor Minner signed Senate Bill 149, the New
Economy Jobs Program, into law. The legislation was sponsored by Sen. Robert Marshall and
Rep. Terry Spence.
The New Economy Jobs Program is designed to provide an innovative tool to bring competitive,
high-wage jobs to Delaware, and make the state more competitive, while allowing the state to
effectively recruit and establish headquarters, research and development jobs, and specialized
financial service firms to Delaware.
The legislation provides businesses an initial 25 percent rebate on withholding taxes. To qualify, a
new employer must add at least 50 net new jobs, of which each must have an annual salary of at
least $100,000. Participating businesses may receive a maximum rebate of up to 40 percent after
250 qualified employees are hired. Higher refund amounts may be granted for qualifying employees
that fall within targeted growth zones, incorporated municipalities, and former Brownfields.
Qualifying firms would be eligible for credits over a 10-year period, and would apply annually for
the rebate.
"The passage of this legislation gives Delaware another competitive edge in today's global market,"
said Governor Minner. "With this new economic development resource available, Delaware will
be able to provide these important incentives that will ultimately make a difference for businesses
that are looking to relocate or expand."
Delaware Economic Development Office Director Judy McKinney-Cherry said, "This is another
tool for the state to attract companies that are highly profitable, and can add to our corporate
fabric and strong philanthropic community. The bill provides substantial value to existing Delaware
businesses that choose to take advantage of this new opportunity, and promotes the use of
Brownfields for re-development. This also continues to support the state?s highly skilled workforce."
SB 149 also extends the Blue Collar Jobs Bill for two years, allowing businesses to apply for
general employment credits when hiring employees in specified positions. The extension provides
the state an opportunity to enhance the Blue Collar Jobs Bill in a way that will appeal to more
businesses.
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