OF THE REVENUES OF THE STATE.
AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO RAISE REVENUE FOR THE STATE BY TAXING CERTAIN CORPORATIONS," BEING CHAPTER 15, VOL. 22, LAWS OF DELAWARE.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That said Chapter 15, as printed and published in Volume 22, Laws of Delaware, entitled "An Act to raise revenue for the State by taxing certain corporations," be and the same is hereby amended by striking out all of Section 4 of said Act after the word "dollars" in the 59th line of said Section 4, and by inserting in lieu thereof the following, viz.: "Provided that this Act shall not apply to railroad, railway, canal or banking corporations, or to savings banks, cemeteries or religious corporations, or to purely charitable or educational associations, or manufacturing or mining corporations, or to any mercantile corporation whose capital actually paid in is invested in a mercantile business carried on within this State, and which is now subject to a license tax for the carrying on of said business under Chapter 117, Volume 13, Laws of Delaware, or to any corporations at least fifty per centum of whose capital stock issued and outstanding is invested in business carried on within this State, and if any other corporation shall have less than fifty per centum of its capital stock issued and outstanding invested in business carried on within this State, such company shall pay the annual license fee or franchise tax herein provided for companies not carrying on business in this State, but shall be entitled in the computation of such tax to a deduction from the amount of its capital stock issued and outstanding of the assessed value of its real and personal estate within this State."
Approved March 18, A. D. 1903.