CHAPTER 378

FORMERLY

HOUSE BILL NO. 634

AN ACT TO AMEND CHAPTER 11, TITLE 5 OF THE DELAWARE CODE RELATING TO MODIFYING CURRENT PROVISIONS FOR THE FILING AND PAYMENT OF ESTIMATED BANK FRANCHISE TAX.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Section 1103(a), Title 5, Delaware Code by deleting the phrase "the 10th day of March" and inserting in lieu thereof the phrase the 15th day of February".

Section 2. Amend Section 1104(a), Title 5, Delaware Code by deleting the word "June" and inserting In lieu thereof the word "March".

Section 3. Amend Section 1104, Title 5, Delaware Code by deleting Subsection (b) and inserting in lieu thereof new Subsection (b) to read as follows:

"(b) The estimated tax liability as calculated per Section 1104 (a) shall be due and payable in installments of 25% of the estimated tax liability on June 1, September I and December 1 of the current taxable year with the balance to be paid on March 1 of the succeeding year."