Delaware House approves corporate tax increases

(AP) – House lawmakers in Delaware have approved a bill increasing taxes on large corporations as part of an effort to find additional revenue to help balance a budget for the fiscal year starting July 1.

Under the legislation approved Thursday, many companies incorporated in Delaware would see their maximum corporate franchise tax payments increase from $180,000 to $200,000. The legislation also creates a second-tier tax of $250,000 annually for the largest corporations.

The bill is expected to generate an additional $116 million annually for the state's general fund.

Carney also has proposed raising personal income taxes and tobacco taxes to generate an additional $80 million in revenue.

Members of the legislature's budget-writing committee are scheduled to begin drafting a spending plan for fiscal 2018 next week.