Regulatory Alerts2019-09-01
Added · Updated
Final: 1110 Instructions for Preparation of Franchise Tax for Resulting Branches in this State of Out-of-State Banks
The State Bank Commissioner adopts amended Regulations 1103 and 1110, effective September 12, 2019, to establish franchise tax requirements for resulting branches of out-of-state banks in Delaware. These regulations mandate that branches with an estimated consolidated franchise tax liability exceeding $10,000 file estimated tax reports by March 1 and pay installments of 40%, 20%, and 20% by June 1, September 1, and December 1, respectively. Final franchise tax reports must be filed by January 30, with taxes due by March 1, and the text specifies detailed calculation methods for taxable income, allowable deductions, and various tax credits, alongside penalties for late filing or payment.
More like this from OSBC
We email you every new OSBC publication the day it's published.