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Jobs for Unemployed Bankers Targeted in Delaware Tax Break Plan

Delaware Governor Jack Markell is turning to tax incentives in an effort to create jobs in a state where M&T Bank Corp. and HSBC Holdings PLC together laid off more than 1,000 employees in the past year.

He pressed the state legislature to pass a bill that would provide a $1,250-per-employee tax credit to financial institutions that hire 200 or more state residents. The state Senate passed the measure on June 21 without dissent, and the House followed with a unanimous vote in the early-morning hours of July 1. Markell signed it into law later that day.