SPONSOR:	Rep. M. Marshall & Sen. Blevins

HOUSE OF REPRESENTATIVES 145th GENERAL ASSEMBLY

HOUSE BILL NO. 297

AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE DELAWARE GENERAL CORPORATION LAW.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1.Amend Section 503(i), Title 8 of the Delaware Code, by striking the third paragraph thereof and deleting the "." at the end of the second paragraph thereof and inserting in lieu thereof "If such schedule or its replacement reports on a consolidated basis, the reporting corporation shall submit to the Secretary of State the consolidating ending balance sheets which accompany such schedule as a reconciliation of its reported total assets or total gross assets to the consolidated total assets reported on the schedule."

Section 2.Repeal Section 506, Title 8 of theDelaware Code, by striking such section in its entirety.

Section 3.This Act shall be effective retroactively as of January 1, 2006.

SYNOPSIS

This bill confirms existing statutes and practices related to the administration of the corporation franchise tax.