DOVER, Del. – Delaware has moved to shield its budget from major federal tax code shifts as Governor Matt Meyer signed House Bill 255, a measure designed to prevent hundreds of millions of dollars in potential revenue losses tied to federal policy… The post HB 255 SIGNED TO SHIELD DELAWARE FROM 400 MILLION DOLLAR SHORTFALL appeared first on TV Delmarva Channel 33.
DOVER, Del. – Delaware has moved to shield its budget from major federal tax code shifts as Governor Matt Meyer signed House Bill 255, a measure designed to prevent hundreds of millions of dollars in potential revenue losses tied to federal policy changes.
According to state officials, the new law separates Delaware from select federal tax provisions that were projected to reduce state revenue by as much as 400 million dollars over several years. Analysts from the Delaware Economic and Financial Advisory Council warned that automatic conformity to recent federal tax cuts could disrupt funding for schools, public safety, and essential state programs. Legislative leaders reported that HB 255 was advanced quickly through both chambers in response to those findings. House Majority Leader Kerri Evelyn Harris, Senate Majority Leader Bryan Townsend, Speaker Melissa Minor Brown, and Senate President Pro Tempore David Sokola worked with the Governor’s Office to move the bill to final passage. State officials said the legislation is targeted and temporary, allowing Delaware to continue offering tax incentives to businesses while keeping the state budget stable. The measure maintains research and development tax benefits moving forward but prevents retroactive federal changes from pulling resources out of the state budget.
With the bill now signed into law, Delaware will retain revenue already built into its financial plan, which state leaders say will help sustain critical programs relied on by residents and local communities.
Photo: Courtesy of the Governor’s Office
The post HB 255 SIGNED TO SHIELD DELAWARE FROM 400 MILLION DOLLAR SHORTFALL appeared first on TV Delmarva Channel 33.
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