Small Business Reading Room


Friday, June 25, 2010

Delaware Corporate Legislation Tracker

The Delaware Corporate Legislation Tracker is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules and regulations. Stay on top of changes to the DGCL with the Delaware Corporate Legislation Tracker!

Here's what's been happening with new and pending Delaware legislation this past week:

The following Legislation affecting Title 29 - State Government was acted upon by the General Assembly on 6/23 & 6/24/2010:

HB 490
Title: AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE COMPOSITION OF STATE ECONOMIC DEVELOPMENT.



Synopsis:
This bill creates the Delaware Film Incentive Program that will provide a loan guarantee to film projects which meet certain specified criteria. A seven-member Film Board is created to review applications for guaranteed loans for film projects, and to also study, research, plan, and advise the Director of the Economic Development Office and the Governor on matters relating to economic development and strategic opportunities in the film-making and related entertainment industry. The State must possess real property and/or other assets to match the value of each note of guarantee, although any note of guarantee will be repaid from revenue anticipated from the Film Incentive Program, ensuring Delaware’s bond rating is unaffected. Loans must be for at least a 3-year term and no more than a 5-year term; have an interest reserve set aside for all the months of the loan’s term, must be in the highest position available against the film’s assets; and must not exceed 30% of a project’s total budget ($5 Million maximum per film). In order to ensure maximum revenue for the State, film projects must form a Delaware limited liability company (LLC) or must incorporate in Delaware, a Delaware resident must be listed as a producer, Delaware taxes must be withheld from employees and independent contractors working on the film, and 80% of the film project must be made in Delaware.


Bill History:

Jun 23, 2010 - Introduced in House and assigned to Economic Development/Banking/Insurance/Commerce Committee

Jun 23, 2010 - Assigned to Economic Development/Banking/Insurance/Commerce Committee in House




SB 321
Title: AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE DUTIES OF THE DELAWARE ECONOMIC DEVELOPMENT OFFICE.



Synopsis:
Under this Act the Delaware Economic Development Office will maintain documentation of transfer of development rights and their holders are. Holders may report their current transfer of development rights and any future transactions to the Delaware Economic Development Office. The purpose of this legislation is to facilitate sustainable economic development throughout the State.




Bill History:

Jun 24, 2010 - Reported Out of Committee (SMALL BUSINESS) in Senate with 5 On Its Merits

Jun 23, 2010 - Assigned to Small Business Committee in Senate



The following Legislation affecting Title 30 - State Taxes, Title 12 - Decedents' Estates and Fiduciary Relations, and Title 3 - Agriculture was acted upon by the General Assembly on 05/04/2010:

HB 492
Title: AN ACT TO AMEND TITLES 30, 12, AND 3 OF THE DELAWARE CODE RELATING TO THE DELAWARE ESTATE TAX.


Synopsis:
Many Delaware domiciliaries own homes in other states that have no estate tax. The Delaware estate tax law could have the unintended effect of causing these Delaware domiciliaries, who currently pay Delaware income tax, to change their state of domicile to another state to avoid the Delaware estate tax, thereby reducing the amount of income tax collected by the State. For this reason, the bill’s provisions will return as they were immediately prior to the date when the present statute was enacted.

Bill History:

Jun 24, 2010 - Introduced and Assigned to Revenue & Finance Committee in House






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Tuesday, June 22, 2010

Global Trade Leads Bulletin- June edition

Gain international exposure for your business! Source goods, acquire new trading partners and network with other companies around the world.
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