Delaware Senate Approves Corporate Tax Hike, Estate Tax Repeal - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Delaware Senate Approves Corporate Tax Hike, Estate Tax Repeal

Posted: Updated:

DOVER, Del. (AP) - The state Senate has given final approval to a bill increasing taxes on corporations, a key part of Gov. John Carney's plan to balance a budget for the fiscal year starting July 1.

Under the legislation approved Thursday, maximum corporate franchise tax payments paid by many companies incorporated in Delaware will increase from $180,000 to $200,000. The legislation also creates a second-tier tax of $250,000 annually for the largest corporations.

Analysts say the bill will generate an additional $116 million annually in revenue.

Senators also gave final approval to a bill eliminating Delaware's estate tax, a move Republicans sought in return for supporting the corporate tax increases.

Democrats and Republicans have yet to agree on a mix of spending cuts and other proposed tax increases to nail down a budget.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Eden Man Arrested for Carjacking, Kidnapping and Marijuana

    Eden Man Arrested for Carjacking, Kidnapping and Marijuana

    Friday, August 18 2017 10:38 PM EDT2017-08-19 02:38:34 GMT
    Friday, August 18 2017 10:38 PM EDT2017-08-19 02:38:34 GMT
    Raymond MathisRaymond Mathis
    EDEN, Md.- An Eden man was arrested on Friday morning after he tried to sell marijuana to two people, then stole the people's car with them inside, according to Maryland State Police. MSP said 28-year-old Raymond Warren Mathis went to the Eden ShellMore
    An Eden man was arrested on Friday morning after he tried to sell marijuana to two people, then stole the people's car with them inside, according to Maryland State Police.More
  • New Power Plant for PRMC

    New Power Plant for PRMC

    08/18/2017 21:17:00 -04:002017-08-19 01:17:00 GMT
    Friday, August 18 2017 9:17 PM EDT2017-08-19 01:17:49 GMT
    SALISBURY, Md.- Governor Larry Hogan was in Salisbury on Friday to help announce a new power plant for Peninsula Regional Medical Center. PRMC said they received a Combined Heat and Power grant from the Maryland Energy Administration that willMore
    Governor Larry Hogan was in Salisbury on Friday to help announce a new power plant for Peninsula Regional Medical Center.More
  • Arrests Made in Camden-Wyoming Burglary

    Arrests Made in Camden-Wyoming Burglary

    Friday, August 18 2017 8:30 PM EDT2017-08-19 00:30:32 GMT
    Friday, August 18 2017 8:30 PM EDT2017-08-19 00:30:32 GMT
    Delaware State Police have made two arrests following a home burglary east of Camden-Wyoming.More
    Delaware State Police have made two arrests following a home burglary east of Camden-Wyoming.More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Arrests Made in Camden-Wyoming Burglary

    Arrests Made in Camden-Wyoming Burglary

    Friday, August 18 2017 8:30 PM EDT2017-08-19 00:30:32 GMT
    Friday, August 18 2017 8:30 PM EDT2017-08-19 00:30:32 GMT
    Delaware State Police have made two arrests following a home burglary east of Camden-Wyoming.More
    Delaware State Police have made two arrests following a home burglary east of Camden-Wyoming.More
  • Salisbury City Councilwoman Charged with Assault

    Salisbury City Councilwoman Charged with Assault

    Friday, August 18 2017 6:24 PM EDT2017-08-18 22:24:19 GMT
    Friday, August 18 2017 6:24 PM EDT2017-08-18 22:24:19 GMT
    Salisbury City Councilwoman April Jackson has been charged with assault following an alleged fight at Billy Gene Jackson Park last weekend.More
    Salisbury City Councilwoman April Jackson has been charged with assault following an alleged fight at Billy Gene Jackson Park last weekend.More
  • Dover Man Goes to Prison on Child Sex Charges

    Dover Man Sentenced for Child Sex Charges

    08/18/2017 15:16:00 -04:002017-08-18 19:16:00 GMT
    Friday, August 18 2017 3:22 PM EDT2017-08-18 19:22:31 GMT
    DOVER, Del.- A Dover man has been sentenced for sexually abusing a child who was in his care.Micah Smith, 41, was convicted by a jury in May of continuous sexual abuse of a child, sexual abuse of a child by a person in a position of trust, authority or sMore
    A Dover, Del. man has been sentenced to a decade behind bars for sexually abusing a child who was in his care.More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices