Page 31 - Innovation Delaware 2018

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aware of the importance of research and development in strengthening the nation’s economy. He recalls, shortly after graduating from college, the consequences of the Reagan administration’s decisions to focus spending on the military rather than on scientific research, and fears similar outcomes from the Trump administration’s emphasis on military spending increases.
“These cuts have real, direct and long-term consequences,” he says. “With such low and unpredictable levels of funding, how many of the most promising researchers will choose the off ramp to completely different career paths instead
of contributing to this nation’s R&D? How many life-changing technologies or medical treatments will we never discover? How often will we force promising innovators to take their work to our economic competitors, rather than continuing them here in the United States?” ID
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“If you decide to start a business here, [the R&D tax credit] puts some money in your pocket.” —James DeChene
(Continued from p. 26)
The legislation would authorize individuals to invest a minimum of $10,000 a year in a startup technology business or a “qualified fund” to invest at least $30,000 in a startup and then claim a state income tax credit for up to 25 percent of the amount invested. Businesses would have to be domiciled in Delaware and would have to receive state certification that their operations comply with all the definitions in the law.
“It’s a business-friendly measure that takes the risk out of the state’s hands,” Ramone says, because investment funds would be coming from the private sector, not from an agency like the former Delaware Economic Development Office.
Legislation authorizing a loosening ofsomeprovisionsoftheCoastalZone Act passed the General Assembly last year, but it will probably take until late next year for new regulations to be written, DeChene says.
While not specifically directed at advancing new technology or research, the legislation could have that effect because most of the industrial sites covered by the legislation have been inactive for years. The old law restricted how those sites could be used to purposes that would not be profitable in today’s economy, DeChene says.
“We’ll get new uses for the land, and the environmental cleanup that comes with it,” he says. ID
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