CHAPTER 351

FORMERLY

SENATE BILL NO. 387

AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO TAXES.

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

Section 1. Amend § 2301(d), Title 30 of the Delaware Code, by striking the symbol and figure "$15,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure "$50,000"; and by striking the symbol and figure "$45,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure "$150,000".

Section 2. Amend § 2502(c), Title 30 of the Delaware Code, by striking the symbol and figure "$12,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure "$50,000"; and by striking the symbol and figure "$36,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure "$150,000".

Section 3. Amend § 2702(b), Title 30 of the Delaware Code, by striking the symbol and figure 1600,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure "$1,000,000"; and by striking the symbol and figure "$1,800,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure 13,000,000".

Section 4. Amend § 2902(c), Title 30 of the Delaware Code, by striking the symbol and figure "$20,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure "$50,000"; and by striking the symbol and figure 160,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure 1150,000".

Section 5. Amend § 2903(c), Title 30 of the Delaware Code, by striking the symbol and figure "$13,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure "$50,000"; and by striking the symbol and figure "$39,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure "$150,000".

Section 6. Amend § 2904(c), Title 30 of the Delaware Code, by striking the symbol and figure "$13,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure "$50,000"; and by striking the symbol and figure 139,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure "$150,000".

Section 7, Amend § 2905(b), Title 30 of the Delaware Code, by striking the symbol and figure "$35,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure "$50,000"; and by striking the symbol and figure "$105,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure "$150,000".

Section 8. Amend § 2906(c), Title 30 of the Delaware Code, by striking the symbol and figure "$35,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure 150,000"; and by striking the symbol and figure "$105,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure "5150,000".

Section 9. Amend § 2907(c), Title 30 of the Delaware Code, by striking the symbol and figure "$13,000" as it appears in paragraph (1) of said subsection and substituting in lieu thereof the symbol and figure "$50,000"; and by striking the symbol and figure "$39,000" as it appears in paragraph (2) of said subsection and substituting in lieu thereof the symbol and figure "$150,000".

Section 10. Amend § 2908(c), Title 30 of the Delaware Code, by striking the symbol and figure "$35,000" as it appears therein and substituting in lieu thereof the symbol and figure "$50,000".

Section 11. Amend § 2908(c), Title 30 of the Delaware Code, by re-designating existing subsection "(c)" as paragraph "(1)" thereof and by adding a new paragraph "(2) to read as follows:

"(2) Notwithstanding paragraph (1) of this subsection, if the taxable gross receipts prescribed therein during the lookback period as defined in § 2122 of this title do not exceed $750,000, the return and payment of the additional license fee imposed for such month shall be due on or before the last day of the 1st month following the close of the quarter. In the case of such return, in computing the fee due on such aggregate gross receipts for each ' quarter, there shall be allowed a deduction of $150,000. For purposes of this paragraph, all branches or entities comprising an enterprise with common ownership or common direction and control shall be treated as 1, and shall be allowed only 1 quarterly deduction from the aggregate gross receipts of the entire enterprise. The quarterly return shall be accompanied by a certified statement on such forms as the Department of Finance shall require in computing this fee due."

Section 12. Amend § 4305(b), Title 30 of the Delaware Code, by striking the symbol and figure "$39,000" as it appears therein and substituting in lieu thereof the symbol and figure "$150,000".

Section 13. Amend § 2702(b), Title 30 of the Delaware Code, by striking the symbol and figure "$90,000" as it appears in paragraph (2) therein and substituting in lieu thereof the symbol and figure "$300,000".

Section 14. Amend § 2902(c), Title 30 of the Delaware Code, by striking the symbol and figure "$650,000" as it appears in paragraph (2) therein and substituting in lieu thereof the symbol and figure "$750,000".

Section 15. Amend § 2903(c), Title 30 of the Delaware Code, by striking the symbol and figure "$750,000" as it appears in paragraph (2) therein and substituting in lieu thereof the symbol and figure "$1,500,000P.

Section 16. Amend § 2904(c), Title 30 of the Delaware Code, by striking the symbol and figure "$750,000" as it appears in paragraph (2) therein and substituting in lieu thereof the symbol and figure "$3,000,000".

Section 17. Amend § 2907(c), Title 30 of the Delaware Code, by striking the symbol and figure "$750,000" as it appears in paragraph (2) therein and substituting in lieu thereof the symbol and figure "$3,000,000".

Section 18. Amend § 2301(d)(2), Title 30 of the Delaware Code, by striking the word "20th" as it appears in said paragraph and substituting in lieu thereof the word "last".

Section 19. Amend § 2502(c)(2), Title 30 of the Delaware Code, by striking the word "20th" as it appears in said paragraph and substituting in lieu thereof the word "last".

Section 20. Amend § 2702(b)(2), Title 30 of the Delaware Code, by striking the word "20th it appears in said paragraph and substituting in lieu thereof the word "last".

Section 21. Amend § 2902(c)(2), Title 30 of the Delaware Code, by striking the word "20th" as it appears in said paragraph and substituting in lieu thereof the word "last".

Section 22. Amend § 2903(c)(2), Title 30 of the Delaware Code, by striking the word "20th" as it appears in said paragraph and substituting in lieu thereof the word "last".

Section 23. Amend § 2904(c)(2), Title 30 of the Delaware Code, by striking the word "20th" as it appears in said paragraph and substituting in lieu thereof the word "last".

Section 24. Amend § 2905(b)(2), Title 30 of the Delaware Code, by striking the word "20th it appears in said paragraph and substituting in lieu thereof the word "last".

Section 25. Amend § 2906(c)(2), Title 30 of the Delaware Code, by striking the word "20th as it appears in said paragraph and substituting in lieu thereof the word "last".

Section 26. Amend § 2907(c)(2), Title 30 of the Delaware Code, by striking the word "20`" as it appears in said paragraph and substituting in lieu thereof the word "last".

Section 27. Amend § 4307(b), Title 30 of the Delaware Code, by striking the word "20th as it appears in said paragraph and substituting in lieu thereof the word "last".

Section 28. This Act shall be effective for tax periods commencing after December 31, 1998.

Approved July 1, 1998