Friday, January 30, 2015
The Delaware Corporate Legislation Tracker - January 30, 2015
What has happened this past week that may impact business in Delaware and Delaware Corporate Law?
The Delaware Corporate Legislation Tracker is a free service offered by our firm, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters.
Here's the latest edition:
The following Legislation affecting Delaware Title 30 - State Taxes was acted upon by the Legislature on 1/27/2015:
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
The following Legislation affecting Delaware Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the Legislature on 1/29/2015:
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
The following Legislation affecting Delaware Title 5 - Banking was acted upon by the Legislature on 1/29/2015:
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
The following Legislation affecting Delaware Title 10 - Courts and Judicial Procedure was acted upon by the Legislature on 1/29/2015:
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
posted by Unknown at
9:18 AM - permalink
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Thursday, January 29, 2015
BEWARE OF SCAMMERS POSING AS IRS
Phishing
Remains on the IRS “Dirty Dozen” List of Tax Scams for the 2015 Filing Season
WASHINGTON
— The Internal Revenue Service today warned taxpayers to watch out for fake
emails or websites looking to steal personal information. These “phishing”
schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for
the 2015 filing season.
"The
IRS won’t send you an email about a bill or refund out of the blue. Don’t click
on one claiming to be from the IRS that takes you by surprise,” said IRS
Commissioner John Koskinen. “I urge taxpayers to be wary of clicking on strange
emails and websites. They may be scams to steal your personal information.”
Compiled
annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may
encounter anytime but many of these schemes peak during filing season as people
prepare their returns or find people to help with their taxes.
Illegal
scams can lead to significant penalties and interest and possible criminal
prosecution. IRS Criminal Investigation works closely with the Department of
Justice (DOJ) to shutdown scams and prosecute the criminals behind them.
Stop and Think before Clicking
Phishing
is a scam typically carried out with the help of unsolicited email or a fake
website that poses as a legitimate site to lure in potential victims and prompt
them to provide valuable personal and financial information. Armed with this
information, a criminal can commit identity theft or financial theft.
If
you receive an unsolicited email that appears to be from either the IRS or an
organization closely linked to the IRS, such as the Electronic Federal Tax
Payment System (EFTPS), report it by sending it to phishing@irs.gov.
It
is important to keep in mind the IRS generally does not initiate contact with
taxpayers by email to request personal or financial information. This includes
any type of electronic communication, such as text messages and social media
channels. The IRS has information online that can help you protect yourself from
email scams.
posted by Kelly at
3:28 PM - permalink
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Tuesday, January 27, 2015
ANNUAL U.S. PET EXPENDITURES ON THE RISE
In recent years, the
money we
spend annually on our pets is rising.
This includes all things pet, such as; food, toys and supplies,
medications, vet care, live animal purchases, grooming
and boarding fees.
The pet product and
pet care
industry has continued to thrive, regardless of economic hardships.
posted by Joanne at
4:23 PM - permalink
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