Regulatory Alerts2017-02-01
Added · Updated
Final: 1103 Instructions for Preparation of Franchise Tax
The State Bank Commissioner adopts amended Regulations 1103 through 1114, effective February 11, 2017, governing franchise tax obligations for banking organizations, trust companies, federal savings banks, and resulting branches of out-of-state banks in Delaware. The regulations require entities with estimated tax liabilities exceeding $10,000 to file estimated reports by March 1 and final reports by January 30, with specific calculation methods for taxable income and applicable tax credits. Late filing incurs a penalty of $25 per day, while late payment or underpayment of estimated taxes triggers a daily penalty of 0.05 percent.
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