Bill Text: DE SB125 | 2011-2012 | 146th General Assembly | Draft

---

Bill Title: An Act To Amend Chapter 80, Title 29 Of The Delaware Code Relating To The Taxation Of Interest On Bonds And Notes Issued By The Sustainable Energy Utility.

Spectrum: Moderate Partisan Bill (Democrat 8-2)

Status: (Passed) 2011-07-05 - Signed by Governor [SB125 Detail]

Download: Delaware-2011-SB125-Draft.html

---

SPONSOR:	Sen. McDowell & Rep. Brady
	Sens. Bushweller, Ennis, Hall-Long, Simpson & Sorenson, Reps. Heffernan & D.P. Williams

DELAWARE STATE SENATE

146th GENERAL ASSEMBLY

SENATE BILL NO. 125

AN ACT TO AMEND CHAPTER 80, TITLE 29 OF THE DELAWARE CODE RELATING TO THE TAXATION OF INTEREST ON BONDS AND NOTES ISSUED BY THE SUSTAINABLE ENERGY UTILITY.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1.Amend §8059(j)(2), Title 29 of the Delaware Code by adding to said paragraph a new subparagraph "g." to read as follows:

"g.Interest on bonds or notes issued under this section shall be exempt from income taxation by this State or any political subdivision thereof."

SYNOPSIS

This Act establishes a State income tax exemption for interest earned on bonds and notes issued by the Sustainable Energy Utility.

Author:Senator McDowell