Small Business Reading Room

The Delaware Corporate Legislation Tracker - January 11, 2013

SB 1
Title:  AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO THE BANK FRANCHISE TAX.


Synopsis:

This Act amends the bank franchise tax in Title 5.

Sections 1 and 2 of this Act delete obsolete provisions in Sections 1101 and 1104 of Title 5 for the resulting branch imputed capital addback for a banking organization that is a resulting branch in this State of an out-of-state bank. These provisions, which were added in 1995, have proven difficult to administer, no longer generate any significant bank franchise tax revenue, and have become a disincentive to out-of-state banks to locate or maintain bank branches in this State. Section 3 of this Act provides that the resulting branch imputed capital addback shall not apply to tax years beginning after December 31, 2012.

Bill History:

Jan 10, 2013 - Assigned to Banking Committee in Senate

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