Delaware Senate Bill 1 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on January 30 2013 - 100% progression
Action: 2013-01-30 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

This Act amends the bank franchise tax in Title 5. Sections 1 and 2 of this Act delete obsolete provisions in Sections 1101 and 1104 of Title 5 for the resulting branch imputed capital addback for a banking organization that is a resulting branch in this State of an out-of-state bank. These provisions, which were added in 1995, have proven difficult to administer, no longer generate any significant bank franchise tax revenue, and have become a disincentive to out-of-state banks to locate or maintain bank branches in this State. Section 3 of this Act provides that the resulting branch imputed capital addback shall not apply to tax years beginning after December 31, 2012. Author Senator Blevins

An Act To Amend Title 5 Of The Delaware Code Relating To The Bank Franchise Tax.

Sen. Patricia Blevins [D]	Rep. Peter Schwartzkopf [D]	Sen. Margaret Henry [D]	Sen. Gregory Lavelle [R]
Sen. Bryan Townsend [D]	Rep. William Carson [D]	Rep. Deborah Hudson [R]	Rep. Quinton Johnson [D]
Rep. Helene Keeley [D]	Rep. Harvey Kenton [R]	Rep. Daniel Short [R]	Rep. Ronald Gray [R]

2013-01-24 - House - House Third Reading (Y: 40 N: 0 NV: 0 Abs: 1) [PASS]
2013-01-16 - Senate - Senate Third Reading (Y: 21 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2013-01-30	Senate	Signed by Governor
2013-01-24	House	Passed by House of Representatives. Votes: Passed 40 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
2013-01-23	House	Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 10 On Its Merits
2013-01-17	House	Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
2013-01-16	Senate	Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
2013-01-16	Senate	Reported Out of Committee (BANKING) in Senate with 1 Favorable, 5 On Its Merits
2013-01-10	Senate	Assigned to Banking Committee in Senate

Type	Source
Summary	http://legis.delaware.gov/LIS/lis147.nsf/2bede841c6272c888025698400433a04/58094d8aab11dd5f85257aec004e441a?OpenDocument
Text	http://legis.delaware.gov/LIS/lis147.nsf/vwLegislation/SB+1/$file/legis.html?open
Roll Call	http://legis.delaware.gov/LIS/lis147.nsf/7712cf7cc0e9227a852568470077336f/d30be1ce663d78e885257af500744901?OpenDocument
Roll Call	http://legis.delaware.gov/LIS/lis147.nsf/7712cf7cc0e9227a852568470077336f/ec69ac8a838dabef85257afd006a7fe3?OpenDocument