AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO INCOME TAXES.

This bill creates a new chapter in Title 30 and establishes the STEM Talent Advancement and Retention Program (“STAR Program”) and the STEM Talent Advancement and Retention Fund (“STAR Fund”). The purpose of this STAR Program is to incentivize and attract individuals graduating with an associate, bachelor’s, graduate, or post-graduate degree in STEM to stay and work in Delaware. An applicant must be employed with a Delaware-based employer defined as (1) having its principal place of business in Delaware; or (2) at least 51% of its employees working at a Delaware based location; or (3) registered to conduct business in Delaware and reported Delaware tax liability in the previous year. Successful applicants will receive tax credits for education loan expenses up to a maximum of $1,000 for an associate degree, $4,000 for a bachelor's degree, and $6,000 for a graduate or post-graduate degree for up to 4 consecutive years. The award may not exceed the education loan expense incurred by the applicant. The Department of Finance shall administer the program in conjunction with the Delaware Center for Life Science Education and Training ("Center"). The Department will form a Fund Committee of 5-8 individuals that must include the Executive Director of the Center, or their designee, and individuals with knowledge and expertise in STEM employment in Delaware. The fund shall be funded on an annual basis by the General Assembly in a minimum amount of $100,000. The Department may also seek federal funds, grants, or private contributions to fund the STAR Fund. The Department may not commit to awards that exceed the amount contained in the Fund. This Act is effective 10 days following the date of publication in the Register of Regulations that funds have been appropriated to implement the provisions of this Act and Notice by the Controller General is published with the Register of Regulations. This Act is to be implemented the earlier of the following: (1) 6 months after the Act’s effective date; or (2) Notice by the Secretary of Education in the Register of Regulations that final regulations have been promulgated. This Act expires 5 years after its effective date unless otherwise provided by a subsequent Act of the General Assembly.