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Panel releases Innovating Delaware Act to create tax‑credit path for early‑stage investment programs
Summary
An amendment to HB 211 would place a tax‑credit‑backed accelerator program under the Division of Small Business, allowing approved nonprofits to generate tax credits for private donors; testimony from a CDFI executive cited an Alabama model and members pressed for fiscal estimates and equity/outreach safeguards. The committee released the bill.
The committee released an amended HB 211 (the Innovating Delaware Act), which would create a tax‑credit mechanism administered by the Division of Small Business to support early‑stage technology and innovation programs run by approved nonprofits.
Sponsor materials and the amendment clarify that the Division of Small Business would review proposed accelerator programs and, if approved, allow participating nonprofits to create tax credits tied to private donations to fund programming. The bill language replaces a prior structure that lacked a designated implementing agency.
Neil Wright, CEO of Bronze Valley Corp., described his work in Alabama, where a $5 million volume cap expanded to $25 million over time and helped create accelerator programming and direct investments. Committee members pressed for fiscal and ROI data from comparable programs and whether the governor’s budget included funding; the sponsor said the bill is not currently in the budget and that discussions about potential seed funding have occurred.
After committee discussion about the reporting requirements and administrative capacity of the Division of Small Business, the committee voted to release HB 211 from committee.
