Regulatory Alerts2019-09-01
Added · Updated
Final: 1103 Instructions for Preparation of Franchise Tax
The State Bank Commissioner adopts amended Regulations 1103 and 1110, effective September 12, 2019, establishing instructions for the preparation and payment of franchise taxes by banking organizations and trust companies in Delaware. The regulations define applicable entities, including banks, trust companies, and various foreign or out-of-state branches, and specify calculation methods for estimated and final franchise taxes based on net operating income before taxes. Entities with an estimated tax liability exceeding $10,000 must file estimated reports by March 1 and make installment payments by June 1, September 1, and December 1, while final reports and remaining balances are due by March 1 of the following year. Late filing incurs a $25 daily penalty, and underpayments or late payments are subject to a 0.05 percent daily penalty.
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