DE Corporate Tax Bill Set For Hearing Tuesday In House - 47 ABC - Delmarva's Choice

DE Corporate Tax Bill Set For Hearing Tuesday In House

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DELAWARE - Corporate taxes may be one step closer to increasing in the first state.

According to reports, house legislators are supposed to vote on the bill on Tuesday, which would increase the annual tax on limited liability companies, limited partnerships, and general partnerships from $250 to $300. The bill would also reportedly increase the minimum annual corporation franchise tax from $75 to $175.

The tax increases would reportedly generate an additional $51 million in revenue needed to help close a shortfall in Governor Markell's recommended budget for Fiscal Year 2015.

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