Regulatory Alerts2006-12-01
Added · Updated
Order Adopting Amended Regulations 1101, 1109 and 1113 and New Regulation 1114
The State Bank Commissioner adopts amended Regulations 1101, 1109, and 1113 and new Regulation 1114, effective December 11, 2006. Regulation 1101 establishes criteria for corporations to elect treatment as a subsidiary of a banking organization, requiring 80% ownership by a qualifying entity and employment of at least 200 persons in Delaware. Regulation 1109 updates the calculation of employment tax credits for bank franchise taxpayers, extending the applicable years through 2011 and allowing a $400 credit per new qualified employee in excess of 50, subject to a $15,000 per employee investment threshold and a 50% annual tax liability cap. Regulation 1113 permits subsidiary corporations of banking organizations to elect taxation under Chapter 19 of Title 30, excluding their income from the parent's consolidated taxable income.
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