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Delaware Creates Biotech Institute and Passes R&D Tax Credit
Delaware increased its commitment to technology businesses recently with two new initiatives: the creation of the Delaware Biotechnology Institute and the passage of a state research and development tax credit.
Delaware Biotechnology Institute
Governor Thomas R. Carper requested $10 million in his Fiscal Year 2000 budget for the new Delaware Biotechnology Institute. The effort is described as a virtual partnership of the Delaware Economic Development Office, Delaware State University, the University of Delaware, the Delaware Technical & Community College, and the private sector.
The Biotechnology Institute builds off of industry/academia collaboration fostered through the state's Advanced Technology Center program, which first funded the Center for Agricultural Biotechnology at the University of Delaware in 1996.
R&D Tax Credit
The new Delaware Research and Development Tax Credit permits companies to claim credits against either a business' corporate income tax or, where applicable, against personal income tax for qualified research expenses conducted within Delaware. The state's total exposure in any given year for the credits is limited to $5 million. If demand exceeds the $5 million cap, receipts will be pro rated across all applicants. Unused credits may be carried forward for up to 15 years.
The first credits will be granted in December 2001 for tax year 2000 expenses.
Delaware