CHAPTER 293

FORMERLY

HOUSE BILL NO. 633

AS AMENDED BY HOUSE 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. Amend Subsection (b), Section 1909, Chapter 19, Title 30, Delaware Code, by striking the figure "5 percent" as it appears therein and inserting in lieu thereof the figure "10 percent".

Section 2. Amend Subsection (d) (1), Section 1909, Chapter 19, Title 30, Delaware Code, by striking the figure "1 percent" as it appears therein and inserting In lieu thereof the figure "1 1/2 percent".

Section 3. Amend Subsection (d), Section 1912, Chapter 19, Title 30, Delaware Code, by striking the figure "10 percent" as it appears therein and inserting in lieu thereof the figure "5 percent".

Section 4. Amend Section 1912, Chapter 19, Title 30, Delaware Code, by adding at the end thereof a new subsection (f) to read as follows:

"(f) In case of failure to pay the amount shown as tax on any return filed pursuant to this chapter on or before the date prescribed for payment of such tax (determined with regard to any extension of time for payment), unless It is shown that such failure is due to reasonable cause, there shall be added to the amount of tax shown on such return 0.5 percent for each additional month or fraction thereof during which such failure continues, not to exceed 25 percent in the aggregate. For purpose of computing the addition for any month, the amount of tax shown on the return shall be reduced by the amount of any part of the tax which is paid on or before the beginning of such month and by the amount of any credit against the tax claimed on the return."

Section 5. Effective Date.

This Act shall take effect on July 1, 1982.

Approved June 29, 1982.