Written on: June 22nd, 2010 in Job Creation
Last week, we issued a call to action to get more Delawareans working together to get our neighbors back to work. Please join us to help spread the word and recruit new employers to our state.
The bi-partisan Business Finder’s Fee Tax Credit – or “BFF” – is now official. We are committed to making our state the best place to start and grow a business, so we have a great story to tell. The BFF program will enable us to share what’s best about Delaware with potential employers more effectively and efficiently.
The idea is simple, and it’s widely used in the private sector already. If a Delaware business is able to convince their suppliers, customers, business partners or other contacts to locate in Delaware – that’s something the state should encourage.
The Business Finder’s Fee Tax Credit will provide that incentive: The Delaware business that advocates for our state and the new business that is recruited will split a credit of $1,000 for each employee the new business brings here. The BFF tax credit is good each year for three years, and can increase over that time if employees are added.
We’ve kept the number of employees needed to qualify small – just three. So small businesses – the engines of our economy and the heart of entrepreneurship in this country — can take advantage of this too.
We all know the seriousness of the economic situation that we face nationwide and we recognize the need to continue our focus on creating jobs.
But no matter how hard the government focuses on job creation, we cannot fix the economy alone. We need eyes and ears everywhere, looking for every opportunity, large and small. We need thousands of mouths ready to tell the Delaware story, as well as thousands of fingers ready to type it and even thousands of thumbs ready to tweet it.
We need Delawareans with industry and sector-specific expertise ready to explain to their peers why our state fits their needs. And we need people who have earned the trust and esteem of their business partners, colleagues and contacts to share their Delaware experience.
The passage of this bill, which reflects our ability to reach across sectors, across parties, and across the state to get things done, represents one reason why Delaware is a great place to do business. It is part of the Delaware story, while also helping us to enlist the eyes, ears, expertise and esteem that we need to tell it.
Special thanks to Alan Levin and the team at DEDO, bill sponsors Rep. Brad Bennett, Sen. Catherine Cloutier, Sen. Nancy Cook, and Rep. Bryon Short; Sen. Brian Bushweller, who had some early conversations with Director Levin about the idea that ultimately became BFF; and the Small Business Caucus, led by Rep. Daniel Short and Rep. B. Short.