Regulatory Alerts2019-07-01
Added · Updated
Proposed: 1110 Instructions for Preparation of Franchise Tax for Resulting Branches in this State of Out-of-State Banks
The State Bank Commissioner proposes to amend Regulations 1103 and 1110 to clarify the definition of "Securities Business" for franchise tax purposes. The proposal applies to resulting branches in Delaware of out-of-state banks, requiring estimated franchise tax reports if the consolidated liability exceeds $10,000, with payments due in installments by June 1, September 1, and December 1. Final franchise tax reports must be filed by January 30, with taxes owed for the previous year due by March 1, subject to specific penalties for late filing or payment.
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