Delaware House Approves Corporate Income Tax Changes - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Delaware House Approves Corporate Income Tax Changes

Posted: Updated:

DOVER, Del. (AP)- House lawmakers have approved proposed changes to Delaware's corporate income tax system to eliminate disincentives for multistate firms to hire workers and invest in property in the state.
    
The legislation, supported by Gov. Jack Markell, was approved Thursday on a 36-to-2 vote and sent to the Senate.
    
The bill revises a formula that equally factors the Delaware-based percentages of a company's total payroll, property and sales in calculating the state income tax due.
    
It gradually reduces the weight given the property and payroll factors until, by 2020, a company's Delaware corporate income tax would be based solely on Delaware's proportion of total sales.
    
If the bill becomes law, the state would lose an estimated $8.2 million in fiscal 2017, $17.6 million the following year, and $22.9 million in fiscal 2019.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Delaware State Police Seek Help in Identifying Bank Robbery Suspect

    Delaware State Police Seek Help in Identifying Bank Robbery Suspect

    Saturday, September 22 2018 3:25 PM EDT2018-09-22 19:25:26 GMT
    Saturday, September 22 2018 3:25 PM EDT2018-09-22 19:25:26 GMT
    Suspect WantedSuspect Wanted
    Suspect WantedSuspect Wanted
    NEWARK, Del.- The Delaware State Police are asking the public for assistance in identifying a bank robbery suspect.More
    NEWARK, Del.- The Delaware State Police are asking the public for assistance in identifying a bank robbery suspect.

    More
  • Rehoboth Considers Potential Parking Solutions

    Rehoboth Considers Potential Parking Solutions

    Saturday, September 22 2018 3:11 AM EDT2018-09-22 07:11:01 GMT
    Saturday, September 22 2018 3:16 AM EDT2018-09-22 07:16:27 GMT
    Downtown Rehoboth Beach (Photo: WBOC)Downtown Rehoboth Beach (Photo: WBOC)
    Downtown Rehoboth Beach (Photo: WBOC)Downtown Rehoboth Beach (Photo: WBOC)
    Some in Rehoboth Beach say they're fed up with searching for parking in prime locations--like along Rehoboth Avenue. Today the city's parking advisory committee presented those solutions to the Board of Commissioners.More
    Some in Rehoboth Beach say they're fed up with searching for parking in prime locations--like along Rehoboth Avenue. Today the city's parking advisory committee presented those solutions to the Board of Commissioners. More
  • Investigation Finds Maryland Culpable in Death of Player

    Investigation Finds Maryland Culpable in Death of Player

    Saturday, September 22 2018 12:08 AM EDT2018-09-22 04:08:32 GMT
    Saturday, September 22 2018 12:08 AM EDT2018-09-22 04:08:32 GMT
    An independent investigation into the death of University of Maryland football player Jordan McNair has determined that trainers on the scene did not follow proper procedures after he collapsed on the field.More
    An independent investigation into the death of University of Maryland football player Jordan McNair has determined that trainers on the scene did not follow proper procedures after he collapsed on the field.More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices