CHAPTER 241

FORMERLY

SENATE BILL NO. 284

AS AMENDED BY HOUSE AMENDMENT NO. 2

AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO ESTIMATION AND REPORTING OF TAX PREFERENCES.

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

Section 1. Amend §8305(6), Title 29 of the Delaware Code, by striking the phrase "Once every 5 years, on or before November 15, in the year preceding the convening of a new General Assembly." as it appears in said subsection and substituting in lieu thereof the phrase "On or before November 1 of each odd-numbered year,".

Section 2. Amend §6534(b), Title 29 of the Delaware Code, by adding

thereto a new paragraph (3) to read as follows:

"(3) The Delaware Economic and Financial Advisory Council shall review the Report described in §8305(&)b. of this title and shall, based on such review and any other information as the Council deems appropriate, approve by majority vote no later than April 25 of the year following the issuance by the Division of Revenue of such report an estimate of the revenue loss to the State caused by tax preferences as that term is defined in §8305(6) of this title."

Section 3. This Act shall become effective upon its enactment into law. Approved May 13, 1992.