HOUSE BILL NO. 187
AS AMENDED BY HOUSE AMENDMENT NO. 1
AND SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 19, TITLE 30, DELAWARE CODE, RELATING TO THE CORPORATION INCOME TAX.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Paragraph 3 of Section 1903 (a) is amended by adding the following words after the end of the semicolon contained therein:
"provided however, that the expenses allocable to interest income from securities issued by the United States or agencies or instrumentalities thereof shall not be allowed as a deduction."
Section 2. Subsection (c), Section 1903, Chapter 19, Title 30, Delaware Code, is amended to read in its entirety as follows:
(c) If, in the discretion of the Secretary of Finance, the application of the allocation or apportionment provisions of this section result in an unfair or inequitable proportion of the taxpayer's entire net income being assigned to this State, then the Secretary of Finance, or his delegate, may permit or require the exclusion or alteration of the weight to be given to one or more of the factors in the formula specified above, or the use of separate accounting, or other method to produce a fair and equitable result.
Section 4. Subsection (d), Section 1910, Chapter 19, Title 30, Delaware Code, is amended by striking in the third full sentence the words "whichever of the following amounts is the lesser" and all that follows thereafter, and inserting in lieu thereof the following:
"the tax liability reported in the return of the taxpayer for the preceding taxable year."
Section 5. Subsection (d), Section 1913, Chapter 19, Title 30, Delaware Code, is amended by striking the last paragraph thereof.
Section 6. Effective Date. This amendment shall apply to taxable years beginning on or after January 1, 1973.
Approved June 26, 1973.