Regulatory Alerts2020-10-01
Added · Updated
Final: 1114 Alternative Franchise Tax
The State Bank Commissioner adopts amended Regulations 801, 1101, 1104, 1105, 1107, 1108, 1111, 1112, 1113, 1114, and 1201, primarily to update the Office of the State Bank Commissioner’s mailing and delivery addresses. These regulations establish the filing procedures, calculation methods, and payment schedules for the alternative franchise tax for banking organizations and trust companies electing to pay under Section 1101A of Title 5 of the Delaware Code. Entities with an estimated tax liability exceeding $10,000 must file an estimated return by March 1, with payments due on June 1, September 1, and December 1, while final returns are due by January 30 with payment due by March 1. The order imposes a $25 per day late filing penalty and a 0.05 percent per day penalty for late payment or underpayment of estimated taxes.
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