corporate income tax

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NEW CASTLE, Del. (AP) - Delaware's revenue forecast for the current fiscal year is down by about $38 million, but the decline is mostly offset by a corresponding increase for the new fiscal year starting in July.

Higher refund estimates that more than offset a projected increase in corporate income tax revenue, coupled with a decrease in projected abandoned property collections, prompted a state panel on Monday to lower its revenue forecast for this year.

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DOVER, Del. (AP) - Gov. Jack Markell has signed legislation revising Delaware's corporate income tax system to eliminate disincentives for multistate firms to hire workers and invest in property in the state.

The bill signed Wednesday revises how the state apportions income tax, using a formula that is based on a company's payroll, property holdings and sales in Delaware.

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DOVER, Del. (AP) - House lawmakers have approved proposed changes to Delaware's corporate income tax system to eliminate disincentives for multistate firms to hire workers and invest in property in the state.

The legislation, supported by Gov. Jack Markell, was approved Thursday on a 36-to-2 vote and sent to the Senate.

The bill revises a formula that equally factors the Delaware-based percentages of a company's total payroll, property and sales in calculating the state income tax due.

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DOVER, Del. (AP) - Lawmakers are mulling legislation changing Delaware's corporate income tax system in an effort to eliminate disincentives for multi-state firms to hire workers and invest in property in Delaware.

The legislation was to be heard in the appropriations committee Thursday after clearing the revenue and finance committee Wednesday.

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NEW CASTLE, Del. (AP) - The panel that issues Delaware's official revenue forecast has given legislative budget writers a little more breathing room.

The Delaware Economic and Financial Advisory Council on Monday boosted the net revenue estimate for the current and upcoming fiscal years. The panel says revenues are up by about $33 million over last month's estimate, thanks mostly to personal and corporate income tax collections.

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Public opinion polls show Lt. Gov. Anthony Brown with a 20 plus lead over rival Attorney General Doug Gansler in the race for the Democratic gubernatorial primary race with Delegate Heather Mizeur a distance third.  The Attorney General stopped by the studios of Delmarva Public Radio to discuss the race and the issues

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ANNAPOLIS, Md. (AP) - Attorney General Doug Gansler is highlighting his plan to cut the corporate income tax rate to demonstrate he is the most willing of Maryland's Democratic primary candidates for governor to do what's necessary to spur the state's economy.

Gansler wants to gradually cut the state's corporate income tax from 8.25 percent to 6 percent. He says that will make Maryland more competitive with Virginia for companies that want to be near the nation's capital.

Gansler is running in the Democratic primary against Lt. Gov. Anthony Brown and Del. Heather Mizeur.

Don Rush

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official financial projections is updating revenue estimates lawmakers will consider as they work on a budget for the upcoming fiscal year.

The Delaware Economic and Financial Advisory Council meets Monday, one month after lowering its overall revenue estimate for the current fiscal year by almost $108 million compared to its December forecast. Leading that decline was a $70 million drop in estimated corporate income taxes.

Don Rush

NEW CASTLE, Del. (AP) - The panel that sets Delaware's official financial projections has significantly lowered expectations for corporate income tax revenue this year, putting more pressure on state lawmakers charged with developing a budget for the upcoming fiscal year.

The Delaware Economic and Financial Advisory Council on Monday lowered its overall revenue estimate for the current fiscal year by almost $108 million compared to its December forecast, led by a $70 million drop in estimated corporate income taxes.