Tue March 25, 2014
Delaware Legislature Mulls Governor's Tax Plans
DOVER, Del. (AP) - The state House is set to vote on a package of tax increases upon which Gov. Jack Markell is relying to help pay for his spending plan for the upcoming fiscal year.
A bill to be voted on Tuesday increases the annual tax on limited liability companies and business partnerships from $250 to $300. It also increases the minimum annual corporation franchise tax by $100.
The legislation was sent to the House for a floor vote after being released by the House Administration Committee last week.
Administration officials have said the tax increases should generate $51 million more in annual revenue, and that the vast majority of those taxes will be paid by businesses located outside of Delaware, which is the legal home for more than 1 million business entities.