Delaware: Business Tax Increase

DE-Legislative-BldgBoth the senate and house have passed legislation (House Bill 265) that will increase the annual tax for every limited liability company, limited partnership and general partnership that is registered to do business in the state of Delaware (both foreign and domestic) from $250 to $300. The act will also increase the minimum franchise tax on corporations by $100. The increases are expected to generate more than $51 million in revenue for the state; however, some opponents fear that the increases will hurt current businesses and scare away companies considering incorporating in the state. The act was signed by Governor Jack Markell on April 15, 2014 and will go into effect on January 1, 2014. To read the bill, go here.

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