CHAPTER 9
STATE REVENUE INCOME TAX
AN ACT to amend an act entitled "An Act to Provide Revenue for School Purposes."
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met: Section L That the Act entitled "An Act to provide revenue for school purposes," being Chapter 8, Volume 36, Laws of Delaware, be and the same is hereby amended by amended inserting after Section 2 (c) and before the heading "Exempted Income" the following words:
(d) Any taxable making return, for the calendar year Reduction of 1930 of the income taxes imposed by Articles I and II, Chapter 8, Volume 36, Laws of Delaware, shall be entitled to a 193° taxes reduction by credit or refund of fifty per centum of the amount of tax computed under paragraph (a) of this Section.
(e) All taxables making returns, for the calendar year 1931 and for each year thereafter, of the income taxes imposed by Articles I and II, Chapter 8, Volume 36, Laws of Delaware, shall be entitled to a reduction of the amount of tax computed under paragraph (a) of this Section by credit or refund to be determined and certified to the State Tax Department by the Governor in accordance with the limitations of paragraphs (f) and (g) of this Section.
(f) The total amount of the reduction provided for in Paragraph (e) of this Section shall be determined by the Governor and shall not exceed the excess of the estimated revenue of the School Fund submitted by the State Tax Department under Section 12 (k) of this Act over the appropriation to the State Board of Education granted by the legislature under the Budget Appropriation Bill. The percentage of reduction shall be determined by dividing the total amount of reduction, as determined by the Governor, by the estimate of total income tax submitted to the Governor by the State Tax Department.
(g). It shall be the duty of the Governor to certify to the State Tax Department (the percentage of reduction determined in paragraphs (e) and (f) of this Section for the preceding taxable year) not later than the second day of January preceding March 15th, of the year the income tax return is required to be filed under this Act.
Section 2. That the Act entitled "An Act to provide revenue for school purposes", being Chapter 8, Volume 36, Laws of Delaware, be and the same is hereby further amended by striking out Section 12 (k) and inserting in lieu thereof the following words:
Section12 (k). Submit annually to the Governor, on Estimate and or before the first day of September ; (a) an estimate of revenues to be received during the current fiscal year from submitted to Governor the income tax and the franchise tax, and (b) submit biennially to the Governor on or before the first day of September an itemized estimate of the sums required for the maintenance of the Tax Department.
Section 3. That the Act entitled "An Act to provide Chapter 8, Vol. 30, Laws revenue for school purposes", being Chapter 8, Volume 36, Laws of Delaware, be and the same is hereby further amended by striking out Section 23 (a) and inserting in lieu thereof the following words:
Section 23 (a). The Tax Department shall retain out 820,000 retained of the revenue collected by it a sum sufficient to provide at for refunds all times a fund of twenty thousand dollars out of which it shall pay any refunds provided for in Section 19, to which taxables shall be entitled under the provisions of these Articles and be furnished with an amount by the State Treasurer sufficient to make the refunds required to make effective the reduction provided for in Section 2, paragraph (d) of this Act. Said funds shall be deposited in the financial Paragraph (d) institution which is the legal depository of the State monies to the credit of the State Tax Department and shall be disbursable on order of the Tax Commissioner.
Section 4. That all acts or parts of acts inconsistent with this Act be and they are hereby repealed to the extent of such inconsistencies only.
Approved April 29, 1931.