Wednesday, March 19, 2014 - 3:50am
DE House Committee Eyes Proposed Tax Increase
A state House committee is set to consider proposed tax increases that Gov. Jack Markell is counting on to help pay for his spending plan for the upcoming fiscal year.
A bill to be discussed in the House Administration Committee today (Wednesday) would increase the annual tax on limited liability companies and business partnerships from $250 to $300. The legislation also would increase the minimum annual corporation franchise tax by $100.
Administration officials have said those moves should generate $51 million more in annual revenue. They also say the vast majority of those taxes would be paid by businesses located outside of Delaware, which is the legal home for more than 1 million business entities.
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