Delaware Administrative Code
Title 5 - Banking
1100 - Taxation
1101 - Election to Be Treated for Tax Purposes as a "Subsidiary Corporation" of a Delaware Chartered Banking Organization or Trust Company, National Bank Having its Principal Office in Delaware, or Out-of-State Bank That Operates a Resulting Branch in Delaware
Section 1101-1.0 - Purpose
Current through Register Vol. 28, No. 3, September 1, 2024
1.1 Pursuant to 5 Del.C. § 1101 (f) and §1101A(c)(3), certain corporations may elect to be treated as a "subsidiary corporation" of a Delaware chartered banking organization or trust company, a national bank having its principal office in Delaware, or an out-of-state bank that operates a resulting branch in Delaware. If a valid election is made, the electing corporation will be taxable on a consolidated basis with its deemed parent Delaware chartered banking organization or trust company, national bank having its principal office in Delaware, or out-of-state bank that operates a resulting branch in Delaware, and the electing corporation will be exempt from Delaware state corporation income taxes and occupational license taxes (as provided in 5 Del.C. § 1109).
