Delaware lawmakers introduced legislation Wednesday to sever from several federal tax code changes that allowed corporations to deduct certain expenditures from this fiscal year.
House Bill 255, sponsored by House Majority Leader Kerri Evelyn Harris (D), would prohibit companies from immediately writing off the full cost of research and experimental costs and property investments.
The state would still allow expensing those R&E expenditures over five years, which was the rule before the GOP’s federal tax law was enacted in July.
“This bill wouldn’t eliminate depreciation of property or expensing, but instead modifies the timing of ...