RELATING TO CORPORATION FRANCHISE TAX
AN ACT TO AMEND CHAPTER 5, TITLE 8, DELAWARE CODE OF 1953 RELATING TO THE CORPORATION FRANCHISE TAX.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Chapter 5, Title 8, Delaware Code of 1953 is amended so as to add the following new section:
§ 518. Relief for corporations with assets in certain unfriendly nations
All corporations incorporated and existing under the laws of the State of Delaware, all of whose assets are located in any country from which it is impossible to remove such assets or withdraw income or whose assets are located at any place where it is made unlawful by any law of the United States of America now or hereafter enacted or by any rule, regulation or proclamation or executive order issued under any such law to send any communications, may, in the discretion of the State Tax Board, be relieved and freed from any and all assessment of franchise taxes provided for by this chapter and such corporations may further be relieved by the State Tax Board of the necessity of filing any State reports due or required.
The State Tax Board shall administer the provisions of this section and may require such evidence, submitted by any officer or agent, as in its judgment may be necessary or desirable to determine whether or not a corporation deserves such relief from taxes and the filing of reports, may make such regulations in relation thereto as it may deem desirable or necessary and shall certify to the Tax Department and the Secretary of State the names of all corporations which the said Board has classified as entitled to relief hereunder.
Section 2. The effective date of this act shall be February 9, 1953.
Approved June 26, 1953.