Bill Text: DE HB240 | 2009-2010 | 145th General Assembly | Draft

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Bill Title: An Act To Amend Title 8 Of The Delaware Code Relating To Corporate Franchise Tax.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2009-06-25 - Stricken [HB240 Detail]

Download: Delaware-2009-HB240-Draft.html

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SPONSOR:	Rep. Kowalko & Sen. Henry

HOUSE OF REPRESENTATIVES

145th GENERAL ASSEMBLY

HOUSE BILL NO. 240

AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO CORPORATE FRANCHISE TAX.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fifths of all members elected to each house thereof concurring therein):

Section 1.Amend section 503(c), Title 8 of the Delaware Code by deleting the existing language in its entirety and substituting the following in place thereof:

"(c)In no case shall the tax on any corporation for a full taxable year, by whichever of paragraphs (1) and (2) of subsection (a) of this section the same is computed, be more than $195,000 nor less than $75.".

SYNOPSIS

This Act would increase the cap on the State corporate franchise tax levied and imposed on a corporation from $165,000 to $195,000 for any full taxable year.All variables being equal, this increase would likely result in the generation of an additional $45.0 Million in annual revenue for the State of Delaware.