Page 90 - Delaware Business Times - DE222

DELAWARE: THE FIRST STATE IN FIRST PLACE
Delaware holds the notable position of being
the first state among the 13 colonies to ratify the Constitution. Most notably, Delaware stands
out as the corporate capital of the world. The
First State’s business attraction first began in
1792 and progressed further in 1899 with the passage of the General Corporation Act. This law eased the formation process, implemented low corporate taxes, and defined corporation's powers ambiguously. Delaware is considered a corporate haven largely due to tax-free sales and intangible assets, flat fees, and pass-through taxes regulated by State’s corporation law and the Court of Chancery.
1792
Delaware Court of Chancery founded.
1899
General Corporation Act enacted.
1963
Delaware Corporation Law Revision Committee established to continuously monitor corporation law.
68% 1.9M
Fortune 500 companies Legal entities incorporated Total general fund revenue Initial Public Offerings, incorporated in Delaware. in Delaware. growth in FY 2022. U.S. based, established
in Delaware in 2022.
+16.8% 79%
C RE
C
H
I
C
K
E
N
S
M I C A L S
C H E
$1.5M Manufacturing sector in 2021
39% Job growth in pharmaceutical and medicine manufacturing in 2021
Source: Delaware Journal of Corporate Law 1976, Delaware Division of Corporations, National Association of Manufacturers, U.S. Department of Agriculture, Delaware Office of the State Commissioner
$113.2M Bank franchise tax revenue in 2022
+28,500 Bank employees
D
IT CA
R
D
S
TOP DELAWARE INDUSTRIES
$7.23B Total economic activity in 2020
$389.58M Federal taxes in 2020
$198.66M State and local taxes in 2020
88 DELAWARE 222 | DelawareBusinessTimes.com