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 Back | 144th General Assembly
Senate Bill # 213 |
| Primary Sponsor: | Adams | Additional Sponsor(s): Sen. Marshall & Rep. Spence & Rep. Stone |
| CoSponsors: | Sens. DeLuca, Cook, McDowell, Copeland, Still, Bunting, Ennis, Henry, McBride, Sokola, Venables, Bonini, Cloutier, Connor, Simpson, Sorenson, Reps. Cathcart, Lee, Hudson, Lavelle, Blakey, Brady, Carey, Carson, Ewing, Hall-Long, Hastings, Johnson, Kowalko, Lofink, Longhurst, Manolakos, Gilligan, Keeley, McWilliams, Miro, Mitchell, Mulrooney, Outten, Schooley, Schwartzkopf, B. Short, D. Short, Thornburg, Valihura, Viola, Wagner, Walls, Williams |
| Introduced on : | 03/12/2008 | |
| Long Title: | AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE PERTAINING TO THE DELAWARE BANK FRANCHISE TAX AND TITLE 30 OF THE DELAWARE CODE PERTAINING TO THE DELAWARE CORPORATION INCOME TAX. |
| Synopsis: | This Act recognizes the changing nature of the financial services industry by permitting certain types of corporations to apportion their apportionable income based on a single ratio of Delaware-sourced gross receipts from asset management services to all gross receipts from asset management services, rather than the 3 ratio average apportionment factor used by other corporations.
The Act creates a definition of an “asset management corporation,” which is a corporation, 90% or more of the federally reported gross receipts of which are derived from asset management services, which is also defined by the Act. The Act permits, but does not require, corporations that meet the criteria for treatment as asset management corporations to elect such treatment for each taxable year. Asset management services are services rendered with respect to intangible investments and consist of rendering investment advice, determining the timing of sales and purchases of intangible investments, selling and purchasing intangible investments, rendering administration and distribution services and managing contracts for sub-advisory services. The sourcing of gross receipts derived from providing asset management services is based generally on the domicile of the consumer of asset management services.
The Act prevents the election by subsidiary corporations of banking organizations, trust companies or electing banking organizations and trust companies under the Delaware Bank Franchise Tax to be taxed as asset management corporations under the Corporation Income Tax of Title 30 of the Delaware Code rather than under the Delaware Bank Franchise Tax under Title 5 of the Delaware Code.
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| Committee Reports: |
Senate Committee report 03/18/08 F=1 M=3 U=0-----> |
| Voting Reports: |
Senate vote: () Passed 3/18/2008 3:30:50 PM------->
House vote: () Passed 3/20/08 5:03:34 PM-------> |
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Actions History:
| Mar 20, 2008 - Passed by House of Representatives. Votes: 40 YES 0 NO 0 NOT VOTING 1 ABSENT
Mar 20, 2008 - Necessary rules are suspended in House
Mar 19, 2008 - Introduced and Assigned to Revenue & Finance Committee in House
Mar 18, 2008 - Passed by Senate. Votes: 19 YES 1 NO 1 NOT VOTING 0 ABSENT
Mar 18, 2008 - Reported Out of Committee (FINANCE) in Senate with 1 Favorable, 3 On Its Merits
Mar 12, 2008 - Assigned to Finance Committee in Senate
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