PROVIDING FOR INCOME TAX REFUND FUND
AN ACT TO AMEND TITLE 30, DELAWARE CODE OF 1953, ENTITLED "STATE TAXES" BY PROVIDING FOR A REPAYMENT FUND FOR INCOME TAXES.
WHEREAS, Section 166 of the Revised Code of Delaware of 1935 provided that the State Tax Department may retain certain funds in a repayment fund in order to pay income tax refunds,
AND, WHEREAS, the said provision does not appear in the Delaware Code of 1953,
AND, WHEREAS, it was not the intention of the General Assembly to abolish such fund, NOW, THEREFORE,
Be it enacted by the General Assembly of the State of Delaware:
Section 1. § 1183, Title 30, Delaware Code of 1953 is amended by adding thereto a subparagraph (e) as follows:
(e) The Tax Department shall retain out of the revenue collected by it a sum sufficient to provide at all times a fund of $20,000 out of which it shall pay any refunds provided for in this chapter. The fund shall be deposited in the financial institution which is the legal depository of State monies to the credit of the State Tax Department and shall be disbursable on order of the Tax Commissioner.
Section 2. This act shall be effective as of February 12, 1953.
Approved April 20, 1953.