CHAPTER 320

FORMERLY HOUSE BILL

NO. 555

AN ACT TO AMEND CHAPTER 19, TITLE 30, DELAWARE CODE, RELATING TO THE CORPORATE INCOME TAX.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. Subsection (a) Section 1903, Title 30, Delaware Code, is amended by deleting paragraph 3 in its entirety and by substituting a new paragraph to read as follows:

"3. Interest income (including discount) from securities issued by the United States or agencies or instrumentalities thereof, and interest income (including discount) arising from obligations representing advances, loans or contractual transactions between corporations which are eligible to file a consolidated return for Federal income tax purposes and which are subject to taxation under this chapter, if the paying corporation eliminates such interest (including discount) in determine its entire net income;"

Approved October 22, 1971.