CEO Guide to Site Selection

#15

Delaware

CEO Rank on Best & Worst States for Business

BUSINESS-FRIENDLY TAX STRUCTURES IN THE FIRST STATE

A report by the Tax Foundation and KPMG ranked Delaware among the top three states in the nation for corporate tax favorability. The report assessed the corporate taxburden in two categories of cities throughout the U.S. based on impacts like property tax, income tax and sales tax. It found Delaware ranked near the top in corporate taxfavorability for new firms, mature firms and the manufacturing sector.

“We’re focused on investments that will build on the strengths of Delaware’s world- class workforce and support Delaware families and businesses who were most affected by the Covid-19 pandemic.”
John Carney
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Delaware Strategic Fund: Offers grants and low-interest loans to promote job creation and capital investment.

New Economy Jobs Tax Credit: Offers an annual tax credit of up to 40% of the withholding taxes collected for employers that add at least 200 new jobs with an annual salary of $70,000, or 50 new jobs with salaries of at least $120,000.

New Business Facility Tax Credits: Offers a credit of $500 per employee hired and $500 for every $100,000 in capital invested for companies that create five new jobs and invest at least $200,000.

Transportation Infrastructure Investment Fund: Allows companies to make funded roadmap infrastructure improvements to support job-creating projects.

Workforce Training Grants: Offers matching grants of up to $100,000 per project for workforce training and development.

EDCs

Delaware Economic Development Authority Division of Small Business
business.delaware.gov/delaware-economic-development-authority

Delaware Prosperity Partnership
choosedelaware.com/state-economic-development-agency

Mayor’s Office of Economic Development, Wilmington, Delaware
wilmingtonde.gov/government/city-departments/office-of-economic-development

HIGHLIGHTED PROGRAM OR INITIATIVE

The Delaware Innovation Space launched in February 2021 its Science Inc. accelerator program. It brings together a cohort of 10 startups seeking to grow theircompanies with weekly programming, mentoring and coaching, culminating in the Science Inc. Demo Day in June, when each company can pitch to investors andpartners.

BIG DEALS

  • Amazon announced in May 2020 a 3.7 million square foot distribution center and 1,000 new jobs in Newport.
  • Barclay’s announced in June 2020 a $6.9 million and 323 new jobs at a call center operation in Wilmington.
  • Wilmington’s Riverfront East is set to expand with a $100 million 86-acre mixed-use project.
  • Eastern Highway Specialists and Advantage Building Supply announced in February 2021 expansion plans in Wilmington.
  • Siemens announced in September 2021 a $32 million expansion of its Glasgow Business Community Facility in Newark.

BIG COMPANIES

Two Fortune 500 companies headquartered in state:

  • DuPont (Fortune 500 headquarters)
  • Corteva (Fortune 500 headquarters)
  • Navient (headquarters)
  • Chemours (headquarters)
  • Sallie Mae (headquarters)
  • Incyte (headquarters)
  • JPMorgan Chase
  • M&T Bank
  • Discover
  • Marlette Funding
  • Fair Square Financial