Friday, July 15, 2011
The Delaware Corporate Legislation Tracker
Stay on top of proposed legislative changes to the DGCL and important issues related to business in Delaware!
The Delaware Corporate Legislation Tracker is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules and regulations.
Here's what has happened since July 1st, 2011:
The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 77/2011:
SB 95
Title: AN ACT TO AMEND CHAPTER 17, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED PARTNERSHIPS.
Synopsis:
This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence.
Bill History:
History: Jul 07, 2011 - Signed by Governor
Jun 23, 2011 - Passed by House of Representatives. Votes: Passed 41 YES
0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 15, 2011 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
Jun 07, 2011 - Introduced and Assigned to Judiciary Committee in House
Jun 02, 2011 - Passed by Senate.
Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Jun 01, 2011 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits
May 31, 2011 - Assigned to Judiciary Committee in Senate
The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 7/7/2011:
SB 74
Title: AN ACT TO AMEND CHAPTER 15, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED LIABILITY PARTNERSHIPS
Synopsis:
This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence.
Bill History:
History: Jul 07, 2011 - Signed by Governor
Jun 23, 2011 - Passed by House of Representatives. Votes: Passed 41 YES
0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 15, 2011 - Reported Out of Committee (JUDICIARY) in House with 9 On Its Merits
Jun 07, 2011 - Introduced and Assigned to Judiciary Committee in House
Jun 02, 2011 - Passed by Senate.
Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
Jun 01, 2011 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits
May 05, 2011 - Assigned to Judiciary Committee in Senate
The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 7/7/2011:
SB 76
Title: AN ACT TO AMEND CHAPTER 18, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED LIABILITY COMPANIES AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED LIABILITY COMPANIES.
Synopsis:
This bill continues the practice of amending periodically the Delaware Limited Liability Company Act (the "Act") to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments of the Act.
Bill History:
History: Jul 07, 2011 - Signed by Governor
Jun 23, 2011 - Passed by House of Representatives.
Votes: Passed 41 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 15, 2011 - Reported Out of Committee (JUDICIARY) in House with 9 On Its Merits
Jun 07, 2011 - Introduced and Assigned to Judiciary Committee in House
Jun 02, 2011 - Passed by Senate. Votes: Passed 20 YES 0 NO 0 NOT
VOTING 1 ABSENT 0 VACANT
Jun 01, 2011 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits
May 05, 2011 - Assigned to Judiciary Committee in Senate
The following Legislation affecting Title 8 - Corporations was acted upon by the General Assembly on 7/7/2011:
SB 77
Title: AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.
Synopsis:
This bill give the Division of Corporations the discretion to waive the requirement that a corporation’s name contain certain words or abbreviations thereof (such as “incorporated”), if the corporation is both a nonprofit nonstock corporation and an association of professionals. It also amends several other sections of the DGCL.
Bill History:
History: Jul 07, 2011 - Signed by Governor
Jun 23, 2011 - Passed by House of Representatives.
Votes: Passed 41 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 15, 2011 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
Jun 07, 2011 - Introduced and Assigned to Judiciary Committee in House
Jun 02, 2011 - Passed by Senate. Votes: Passed 20 YES 0 NO 0 NOT
VOTING 1 ABSENT 0 VACANT
Jun 01, 2011 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits
May 05, 2011 - Assigned to Judiciary Committee in Senate
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Tuesday, July 12, 2011
Business Tax Deduction Alert! The IRS has Increased the Standard Mileage Rates for 2011
The Internal Revenue Service (IRS) has announced an increase in the optional standard mileage rates for the final six months of 2011, in recognition of recent increases in gasoline prices. Taxpayers may use the optional standard rates to calculate http://www.blogger.com/img/blank.gifthe deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining employee reimbursement.
Revised Standard Mileage Rates
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011.
The new six-month rate for computing deductible medical or moving expenses will also increase by 4.5 cents to 23.5 cents a mile, up from 19 cents for the first six months of 2011.
The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
Effect of Increase in Standard Mileage Rates
The revised standard mileage rates apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes on or after July 1, 2011, and to mileage allowances that are paid both:
To an employee on or after July 1, 2011, and
For transportation expenses paid or incurred by the employee on or after July 1, 2011.
The standard mileage rates set forth in Notice 2010-88 continue to apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes before July 1, 2011, and to mileage allowances paid:
To an employee before July 1, 2011, or
With respect to transportation expenses paid or incurred by the employee before July 1, 2011.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Additional Information
You can read more about this change in IRS Announcement 2011-40.
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