SPONSOR:

Rep. Oberle Sen. DeLuca

 

Cathcart

Gilligan

Keeley

Blakey

Carey

Ewing

Lee

Miro

Spence

Wagner

 

Cook

Sorenson

Still

Adams

Blevins

 

 

HOUSE OF REPRESENTATIVES

144th GENERAL ASSEMBLY

 

HOUSE BILL NO. 519

 

 

AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.

 


BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein):

 


Section 1. Amend 391(a)(8), Title 8, Delaware Code, by striking the figure $60 and substituting in lieu thereof $100.

Section 2. Amend 503 (a)(1), Title 8, Delaware Code, by striking such paragraph in its entirety and substituting in lieu thereof the following:

(1) Where the authorized capital stock does not exceed 5,000 shares, $75; where the authorized capital stock exceeds 5,000 shares, but is not more than 10,000 shares, $150; and the further sum of $75 on each 10,000 shares or part thereof.

Section 3. Amend 503 (a)(2), Title 8, Delaware Code, by striking such paragraph in its entirety and substituting in lieu thereof the following:

(2) Seventy five dollars where the assumed no-par capital of the corporation, found in the manner provided in this paragraph, does not exceed $500,000; $150 where the assumed no-par capital exceeds $500,000 but is not more than $1,000,000; and the further sum of $75 for each $1,000,000 or part thereof of such additional assumed no-par capital.

Section 4. Amend 503(c), Title 8, Delaware Code, by striking the figure $35 and substituting in lieu thereof $75.

Section 5. This Act shall be effective as of January 1, 2008.


 

SYNOPSIS

This Act increases the annual report fee for foreign corporations from $60 to $100 and increases the rates for computation of the annual franchise tax.