Review Panel Continues to Eye Delaware Tax Structure - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Review Panel Continues to Eye Delaware Tax Structure

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NEW CASTLE, Del. (AP) - A panel exploring how to make Delaware's revenue portfolio less unpredictable and more reflective of economic conditions is taking a close look at the state's reliance on abandoned property collections and lottery revenue.

Friday's meeting of the Structural Revenue Review Committee includes a background examination and outlook at the abandoned property, or escheat system.

The panel also will look at the bank franchise tax system, as well as lottery and casino gambling.

The panel, which is to submit a report in April, was formed amid concerns that more than half of Delaware's revenues come from "inelastic" sources that do not respond to changes in Delaware's economy. Those revenue sources include lottery and gambling, abandoned property collections and bank and corporate franchise taxes.

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