Delaware Administrative Code
Title 5 - Banking
1100 - Taxation
1106 - Instructions for Preparation of Franchise Tax for Federal Savings Banks Not Headquartered in this State but Maintaining Branches in this State
Section 1106-4.0 - Final Franchise Tax

Universal Citation: 5 DE Admin Code 1106-4.0

Current through Register Vol. 28, No. 3, September 1, 2024

4.1 Filing. The December 31 call report, verified by oath, setting forth the net operating income of the Delaware branch or branches of the federal savings bank not headquartered in this State and the final franchise tax report shall be filed with the Office of the State Bank Commissioner on or before January 30 each year.

4.2 Penalty for late filing. A late filing penalty shall be assessed against the taxpayer in the amount of $25 for each day after the due date that the taxpayer fails to file the final franchise tax report required above in section 4.1, unless the State Bank Commissioner is satisfied that such failure was not willful.

4.3 Form. The final franchise tax report shall be in the form set out in Regulation No. 1108.

4.4 Calculation of final tax. The total final franchise tax shall be calculated as follows:

4.4.1 The net operating income before taxes of the branch or branches located in Delaware;

4.4.2 Less the interest income from obligations of volunteer fire companies;

4.4.3 The appropriate rate of taxation set forth in 5 Del.C. § 1105 shall be applied;

4.4.4 The subtotal annual franchise tax shall be adjusted for tax credits applicable pursuant to 5 Del.C. § 1105, which are calculated in accordance with Regulation No. 1109 ;

4.4.5 The subtotal annual franchise tax shall be adjusted for Travelink tax credits calculated in accordance with Department of Transportation Travelink tax credit reporting requirements;

4.4.6 The subtotal annual franchise tax shall be adjusted for Historic Preservation Tax Credits calculated in accordance with 30 Del.C. §§ 1811 et seq. and the regulations thereunder. Claimed credits must be accompanied by a Certificate of Completion issued by the Delaware State Historic Preservation Office certifying that the credits have been properly earned, in accordance with 5 Del.C. § 1105 (g). If the credits have been transferred, sold or assigned to the taxpayer by another person, a Certificate of Transfer must also be attached, in accordance with 30 Del.C. § 1814 (c);

4.4.7 The subtotal annual franchise tax shall be adjusted for any other applicable tax credit(s) [attach supporting schedule identifying the tax credit(s)].

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