Small Business Reading Room

The Delaware Corporate Legislation Tracker - January 30, 2015

Senate Bill # 17
Title:  AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO THE ESTATE TAX.

Synopsis:

This Act repeals the Delaware Estate Tax as of July 1, 2015.

Bill History:

Jan 27, 2015 - Assigned to Finance Committee in Senate

SB 11 w SA/2
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ESCHEATS.

Synopsis:

This bill addresses various aspects regarding the administration of the abandoned or unclaimed property law of the State of Delaware and implements certain recommendations of the Task Force to Study and Make Findings and Recommendations to Improve Fairness and Compliance in Delaware’s Unclaimed Property Program established under the provisions of Delaware Senate Concurrent Resolution No. 59.
The bill limits the total number of audits anyone outside contract can be assigned and requires all contracts with such contract auditors to assure that they will not employ or compensate senior officials from the Department involved with their work for two years after such officials leave state employment.
The bill amends the administrative appeal process regarding the assessment of unremitted abandoned or unclaimed property to provide that the determination of the independent reviewer shall be binding on the Secretary of Finance unless properly appealed to the Delaware Court of Chancery.
The bill amends the statutory provision regarding the period of limitations to assess additional unclaimed property liability in connection with a filed annual unclaimed property report to provide that in the case of a filed report the State Escheator must make a specific finding of fraud before the State is entitled to an unlimited period of limitations with respect to assessment.
Section 2 directs the Secretary of Finance to prepare and promulgate a detailed manual containing procedural guidelines for the conduct of Delaware unclaimed property examinations and to update its regulations accordingly.

Bill History:

Jan 29, 2015 - Passed by House of Representatives. Votes: Passed 38 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT
Jan 28, 2015 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 9 On Its Merits
Jan 27, 2015 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
Jan 22, 2015 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jan 22, 2015 - Amendment SA 2 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jan 22, 2015 - Amendment SA 1 - Stricken
Jan 22, 2015 - Amendment SA 1 - Stricken
Jan 22, 2015 - Amendment SA 2 - Introduced in Senate
Jan 21, 2015 - Amendment SA 1 - Introduced and Placed With the Bill in Senate
Jan 21, 2015 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 1 Favorable, 3 On Its Merits
Jan 15, 2015 - Assigned to Banking and Business Committee in Senate

SS 1 for SB 16
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ISSUANCE OF SMALL ESTATE AFFIDAVITS.

Synopsis:

This Act amends Section 2306 of Delaware’s probate code to clarify that if a decedent owned real estate in Delaware, either solely or as tenants in common, the small estate affidavit authorized by Section 2306 of Delaware’s probate code should not be issued, and therefore, the grant of letters for the estate shall be necessary, pursuant to Chapter 15 of Title 12 of the Delaware Code.

Bill History:

Jan 29, 2015 - SS 1 for SB 16 - Re-Assigned to Judiciary Committee in Senate
Jan 29, 2015 - Substituted in Senate by SS 1 for SB 16
Jan 27, 2015 - Assigned to Judiciary Committee in Senate

House Bill # 20
Title:  AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO THE PURCHASE BY A BANK OR TRUST COMPANY OF THE SHARES OF ITS OWN CAPITAL STOCK.

Synopsis:

This Act authorizes the State Bank Commissioner to approve the purchase by a bank or trust company of the shares of its own capital stock, subject to such terms and conditions, if any, as the Commissioner may require.

Bill History:

Jan 29, 2015 - Passed by Senate. Votes: Passed 20 YES 0 NO 1 NOT VOTING 0 ABSENT 0 VACANT
Jan 21, 2015 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 1 Favorable, 3 On Its Merits
Jan 15, 2015 - Assigned to Banking and Business Committee in Senate
Jan 15, 2015 - Passed by House of Representatives. Votes: Passed 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
Jan 14, 2015 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 8 Favorable, 1 On Its Merits
Jan 09, 2015 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

Senate Bill # 32
Title:  AN ACT TO AMEND TITLE 10 OF THE DELAWARE CODE RELATING TO EXEMPTIONS FOR REAL PROPERTY IN FEDERAL BANKRUPTCY AND STATE INSOLVENCY PROCEEDINGS.

Synopsis:

This bill removes the time limitation applicable to exemptions for real property and manufactured homes.

Bill History:

Jan 29, 2015 - Assigned to Judiciary Committee in Senate

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