Regulatory Alerts2020-10-01
Added · Updated
Final Order Amending Regulations for Subsidiary Corporation Tax Election Under Chapter 19 of Title 30
The State Bank Commissioner adopts amended Regulations 801, 1101, 1104, 1105, 1107, 1108, 1111, 1112, 1113, 1114, and 1201, effective October 11, 2020. These amendments primarily update the mailing and delivery addresses for the Office of the State Bank Commissioner across all listed regulations. Regulation 1113 establishes that a subsidiary corporation of a banking organization or trust company may elect to be taxed under Chapter 19 of Title 30 if it is not itself a banking entity and does not deal in securities. Valid elections exclude the subsidiary's income from the parent's taxable income, requiring annual filings of Form B and tax returns with the State Bank Commissioner and the Delaware Division of Revenue.
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