Are there any tax credits available in Delaware?

Delaware offers a variety of tax credits to encourage economic development, support businesses, and provide relief for individuals. One of the most commonly known tax credits is the Delaware Earned Income Tax Credit, which is designed to assist low to moderate-income working individuals and families. This credit is based on the federal earned income tax credit and is intended to provide financial support and reduce the tax burden for eligible residents. Another significant tax credit is the Historic Preservation Tax Credit, which incentivizes the restoration of historic properties in Delaware. This program provides a credit for expenses incurred during the rehabilitation of eligible historic buildings, helping to preserve Delaware's rich history while stimulating the economy. Additionally, there are tax credits available for certain business activities. The New Economy Jobs Tax Credit, for example, provides incentives for businesses that create new jobs in emerging sectors. The Investment Tax Credit is another option, which allows businesses that invest in qualified property to receive a credit against their tax liability. Delaware's Department of Revenue also administers several other tax credits related to specific sectors or activities, such as the property tax credit for veterans and the college investment plan credit. To learn about the specific eligibility criteria, application procedures, and the full range of available tax credits, it is advisable to visit the official Delaware Department of Revenue website, where the most current information can be found. The website can provide comprehensive details about these credits and assist in navigating the tax system in Delaware.