CHAPTER 81

FORMERLY

HOUSE BILL NO. 348

AS AMENDED BY HOUSE AMENDMENT NO. 1

AN ACT TO AMEND CHAPTER 5, TITLE 8 OF THE DELAWARE CODE RELATING TO CORPORATE FRANCHISE TAXES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fifths of all the members of each House thereof concurring therein):

Section 1. Amend §503(a), Title 8 of the Delaware Code by striking the symbol and amount "$140" wherever they appear and substituting in lieu thereof the symbol and amount "$200"; and by striking in their entirety paragraphs (1) and (2) as they appear in said subsection and substituting ln lieu thereof the following:

"(1) Where the authorized capital stock does not exceed 3,000 shares, $30; where the authorized capital stock exceeds 3,000 shares but is not more than 5,000 shares, $50; where the authorized capital stock exceeds 5,000 shares but is not more than 10,000 shares, $90; and the further sum of $50 on each 10,000 shares or part thereof.

(2) Thirty dollars, where the assumed no-par capital of the corporation, found in the manner provided in this paragraph, does not exceed $300,000; $50, where the assumed no-par capital exceeds $300,000 but is not morethan $500,000; $90, where such assumed no-par capital exceeds $500,000 but is not more than $1,000,000, and the further sum of $50 for each $1,000,000 or part thereof of such additional assumed no-par capital."

Section 2. Amend §503(c), Title 8 of the Delaware Code by striking the symbol and amount "$130,000" and substituting in lieu thereof the symbol and amount 1150,000".

Section 3. Amend §504(a), Title 8 of the Delaware Code by striking

paragraphs (1), (2), and (3) in their entirety and substituting in lieu thereof the following:

"(1) Forty percent of the estimated tax on the first day of June of the current year;

(2) Twenty percent of the estimated tax on the first day of September of the current year;

(3) Twenty percent of the estimated tax on the first day of December of the current year; and".

Section 4. If any provision of this Act of the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are severable.

Section 5. Sections 1 and 2 of this Act shall be effective with respect to franchise taxes for 1991 and years thereafter. Section 3 of this Act shall be effective with respect to franchise taxes for 1992 and years thereafter.

Approved July 1, 1991.