Regulatory Alerts2014-10-01
Added · Updated
Proposed: 1114 Alternative Franchise Tax
The State Bank Commissioner proposes to amend Regulation 1114 to clarify elections under Section 1101A(c)(3), adopt procedures for taxing resulting branches of out-of-state banks under Section 1101A(c)(5), and improve tax forms regarding the itemization of tax credits. The regulation applies to banking organizations and trust companies, excluding certain federal savings banks, that elect to pay an alternative franchise tax under Title 5 of the Delaware Code. The proposal is open for public comment until November 3, 2014, after which the Commissioner will determine whether to adopt the amended regulation.
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