Signed by Governor Jack Markell

Vote Smart's Synopsis:

Vote to pass a bill that increases certain business taxes.

Highlights:

• Increases the annual tax on the following entities from $250 to $300 (Secs. 1-3):
• every partnership;
• every domestic limited partnership;
• every foreign limited partnership;
• every domestic limited liability company; and
• every foreign limited liability company. 

• Increases the minimum corporation tax from $75 to $175 for the following corporations (Secs. 4-6):
• A corporation that is not authorized to sell stock and not exempt from taxes;
• A corporation with an authorized capital stock no greater than 5,000 shares; or
• A corporation with an assumed no-par capital no greater than $500,000.

• Increases the minimum corporation tax from $150 to $250 for the following corporations (Secs. 4 & 5):
• A corporation with an authorized capital stock between 5,000 and 10,000 shares; or
• A corporation with an assumed no-par capital between $500,000 and $1 million.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that increases certain business taxes.

Highlights:

• Increases the annual tax on the following entities from $250 to $300 (Secs. 1-3):
• every partnership;
• every domestic limited partnership;
• every foreign limited partnership;
• every domestic limited liability company; and
• every foreign limited liability company. 

• Increases the minimum corporation tax from $75 to $175 for the following corporations (Secs. 4-6):
• A corporation that is not authorized to sell stock and not exempt from taxes;
• A corporation with an authorized capital stock no greater than 5,000 shares; or
• A corporation with an assumed no-par capital no greater than $500,000.

• Increases the minimum corporation tax from $150 to $250 for the following corporations (Secs. 4 & 5):
• A corporation with an authorized capital stock between 5,000 and 10,000 shares; or
• A corporation with an assumed no-par capital between $500,000 and $1 million.

Full Bill Text