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Can you summarize 5 DECO Chapter 11?
Banks and Trust Companies > TAXATION
Short Summary
These legal documents govern the taxation of banking organizations, trust companies, and federal savings banks in Delaware. They outline the requirements for paying franchise tax on taxable income and provide an option for organizations to pay an alternative franchise tax. The documents also cover the assessment and taxation of out-of-state banks and foreign banks maintaining branches in Delaware. They specify the filing requirements, penalties for non-compliance, and the process for reviewing and correcting tax assessments. Additionally, the documents address the payment and collection of tax, including the requirement to file a tentative return for estimated tax liability. They provide provisions for penalties for failure to file the tentative return and underpayment of estimated tax. The documents also govern the rate of taxation and tax credits applicable to banking organizations, trust companies, and federal savings banks with branches in Delaware. They specify different tax rates based on taxable income thresholds and outline conditions and limitations for claiming tax credits. Furthermore, the documents address the collection and allocation of tax revenue, the role of the Attorney General in legal proceedings, and the exemption from state corporation income tax for banking organizations and trust companies maintaining branches in Delaware. They also cover the secrecy of tax returns and information, allowing for limited disclosure in accordance with proper judicial order or as provided by law. The documents provide provisions for abating excessive or erroneous tax assessments and authorize the Commissioner to enter into agreements relating to tax liability. Overall, these documents provide a comprehensive framework for the taxation of banking organizations, trust companies, and federal savings banks in Delaware.
Whom does it apply to?
Banking organizations, trust companies, and federal savings banks in Delaware
What does it govern?
Taxation of banking organizations, trust companies, and federal savings banks in Delaware
What are exemptions?
Taxable income derived from acting as an insurer
What are the Penalties?
Failure to comply with filing requirements may result in a penalty of $25 per day. Underpayment of estimated tax or installment may result in a penalty of 0.05 percent per day.
Jurisdiction
Delaware