Corporate tax hike, estate tax repeal pass General Assembly
The Delaware Senate gave final approval Thursday to bills that would raise taxes on major corporations and repeal the estate tax.
That means the General Assembly is officially about halfway done with fixing its $400 million budget problem. But there's no sign Democrats and Republicans are close to an agreement on how to repair the rest.
The first bill would create a new maximum rate of $250,000 for the corporate franchise tax, which companies pay to incorporate in Delaware. That rate would apply to about 1,900 companies that have more than $750 million in either revenue or assets and less than $250 million in revenue or assets.
For example: a web company that has $1 billion in revenue but only $150 million in assets would not in the new bracket. A real estate firm that has $3 billion worth of assets but only $200 in revenue would not qualify either.
Read more: http://www.delawareonline.com/story/news/politics/2017/06/15/corporate-tax-hike/400601001/