DOVER, Del. (AP) — The state Senate has unanimously approved millions of dollars in tax incentives for DuPont following its planned merger with Dow Chemical.
The tax relief legislation cleared the Senate with no debate Thursday and now goes to the House.
The bill eliminates a $5 million aggregate cap on research and development tax credits and makes the credits refundable. It also restores a never-used new jobs tax credit aimed at getting companies to establish corporate headquarters in Delaware.
That tax credit would be expanded to include jobs retained after a corporate restructuring. Dow and DuPont already have said the headquarters of spin-off agricultural and specialty products businesses will be located in Delaware.
The changes are expected to cost taxpayers $3.5 million in fiscal 2018 and $10.6 million in fiscal 2019.
