I don’t really need to comment here. The Minner/Carney administration approach to economic development speaks for itself.
Community News
Brandywine Hundred, Del. —More financial service companies could expand into Delaware thanks to a tax incentive bill signed into law by Gov. Ruth Ann Minner on July 22.
Senate Bill 213 creates new tax rules for asset management corporations, letting the companies choose to pay taxes based on gross receipts instead of property, wages and sales.
Asset management corporations are defined in the bill as companies that receive at least 90 percent of gross receipts from advising clients about intangible assets.
Defining asset management corporations and freeing them from an onerous tax system will help attract more corporations to Delaware, said Judy McKinney-Cherry, director of the Delaware Economic Development Office.
“Senate Bill 213, the asset management corporations’ legislation, is a testament to Delaware’s agility, Delaware’s spirit of cooperation and ability to modernize our laws to remain competitive,” said McKinney-Cherry, during the bill signing ceremony at the office of BlackRock, Inc., in the Bellevue Corporate Center.