Recreational Marijuana Passes

Issue 9.13

March 31, 2023

THIS WEEK IN DOVER

MARIJUANA PASSES THE SENATE &

WAITS FOR GOVERNOR ACTION

Thursday wrapped up a busy week in Dover. Of note was the Senate’s passage of House Bill 1 and House Bill 2, legalization of recreational marijuana. Both bills now move to Governor Carney for signature. The Governor vetoed the bill last year and it’s uncertain whether he will again. If the Governor were to veto the bill, it’s likely the General Assembly would have the required number of votes to override his decision. It’s also possible the Governor could take no action; in which case the bill would still become law.

Other bills and legislation of note:

Senate Bill 51 - The Polystyrene Bill
House Bill 101, 102, 103, & 104 - A package related to the Ready in 6 initiative
The Climate Change Solutions Act and Data Privacy Bill - not yet introduced

Have You Done Your Taxes Yet?

CONSIDERING AN

ELECTRIC VEHICLE?

Tax credits for electric vehicles have existed for years, but they’ve been revamped with the Inflation Reduction

Act of 2022 (IRA). Globally, electric

vehicles made up 10% of all new car

sales in 2022. Adoption of electric

vehicles is expected to continue to rise

in 2023. With more mainstream and affordable options than ever before,

more Americans are serious about

making the switch. The EV tax credit attempts to ease the financial burden,

but with the changes from the IRA,

both the buyer and the vehicle must

meet some rather rigid requirements starting in 2023. Read more >

DELAWARE STATUTORY

TRUSTS

It's impossible to discuss Delaware Statutory Trusts without talking about 1031 Exchanges first. A 1031 Exchange gets its name from Section 1031 of

the Internal Revenue Code (IRC). In general, a 1031 Exchange allows an investor to defer paying capital gains

tax on a property sold by subsequently using the proceeds to purchase another “like-kind” asset. ... This appealing tax strategy has many rules that need to

be followed to ensure the transaction

is valid and qualifies for tax deferral,

thus making it important to consult

with a CPA prior to any action.

Get tax help from one of our members

BUSINESS SPOTLIGHT

BROWN ADVISORY

There is one word the Brown Advisory Delaware office embraces: Community. Brown Advisory, a Baltimore-founded independent investment management and strategic advisory firm, centers its business around the notion of ‘thoughtful investing,’ an approach that builds trust and provides its clients with confidence that their capital is being invested capably and with integrity. Read more >

“We built our business by supporting the leaders of nonprofits in our community. Creating real impact for the communities in which Brown Advisory colleagues live and work has been an essential part of Brown Advisory’s DNA since its beginnings.” - Porter Schutt

President's Message

Recently, the City of Dover, along with several partners, announced a multi-million dollar plan to revitalize Loockerman Street and its downtown area. This is very exciting news for Delaware and, of course, Dover and Kent County! While the downtown area will also be home to professional services, hospitality businesses and more, the intentional building of a mixed use, walkable community is growing in appeal—"live-work-play communities". Read more >

PHOTOS OF THE WEEK

Bank of America's Bill Keller gave a dynamic keynote at the Spring Manufacturing & Policy Conference in Dover

The Tech Council of Delaware held their launch event, unveiling their new logo and website

The Delaware Young Professionals Network held a happy hour at Crab du Jour in Newark