Tue April 1, 2014
Delaware Legislature Mulls Markell Tax Hike Plans
DOVER, Del. (AP) - A package of tax increases upon which Gov. Jack Markell is relying to help pay for his spending plan for next fiscal year is up for a vote in the state House.
The 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 bill requires three-fifths votes in the House and Senate. House Democrats postponed a vote last week, when at least one Democrat was absent.
Administration officials say the tax increases should generate an additional $51 million annually, and that the taxes will be paid mostly by businesses located outside of Delaware, which is the legal home for more than 1 million business entities.