Wilmington – Governor Ruth Ann Minner today signed a bill creating the state’s first Earned Income Tax Credit, which will result in a savings of up to $475 for low-income, working Delawareans who qualify for the federal EITC program and Delaware Corporations
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Under Senate Bill 230, co-sponsored by Sen. Margaret Rose Henry and Rep. John Atkins, Delaware would offer an Earned Income Tax Credit that is 20 percent of that offered by the federal government’s EITC program, created in 1975 to reward the efforts of hard-working, low-income individuals. Qualifying Delawareans would have to meet income requirements that vary depending upon whether or not they have children and how many children they have.

“S.B. 230 will reduce the state income tax liability for 14,000 state residents and eliminate it entirely for another 14,000 Delawareans,” Gov. Minner said. “Obviously, this program, combined with the federal EITC program, will boost the standard of living of hard-working Delawareans, encouraging them to stay in the workforce.”

Unlike the federal EITC, Delaware’s credit is non-refundable, but it provides an average savings of $179 for those individuals who have their tax liability reduced. This figure includes those taxpayers who, under the new program, will no longer be paying any state income tax...

Dover - The Delaware General Assembly approved the following legislation in 2005 amending Delaware\'s business entity statutes:

SB 85 - General Partnership amendments
SB 86 - Limited Liability Company amendments
HB 150 - Corporate amendments
HB 151 - Limited Partnership Amendments
Click on each bill to view in PDF format.

NOTE: THE FOLLOWING SUMMARY OF 2005 LEGISLATION AFFECTING DELAWARE BUSINESS ENTITY LAWS IS NEITHER AUTHORITATIVE NOR ALL-INCLUSIVE. THIS SUMMARY DOES NOT REPRESENT OFFICIAL POLICY OF THE STATE OF DELAWARE AND HAS BEEN PREPARED ONLY FOR GENERAL INFORMATION PURPOSES AND NOT FOR LEGAL ADVICE.

Highlights of this year\'s legislation, which is effective August 1, 2005, are summarized below:

Section 271 of the Delaware General Corporation Law has been amended to establish that a sale, lease, or exchange of all or substantially all of the corporation’s assets to a subsidiary that is wholly owned and controlled, directly or indirectly, by the corporation does not require approval by the corporation’s stockholders. The amendments also establish that the property and assets of such a subsidiary are considered to be property and assets of the corporation for purposes of Section 271; thus, for example, a sale of assets by such a subsidiary that involves all or substantially all of the assets of the corporation and its wholly owned and controlled subsidiaries would require approval by the board of directors and stockholders in accordance with the statute.

Section 158 of the Delaware General Corporation Law has been amended to provide that a corporation that issues shares not represented by stock certificates is not required, at the request of a stockholder, to deliver a certificate representing the stockholder’s shares. This eliminates any statutory obstacles for publicly held corporations to go certificateless.

Sections 265 and 266 of the Delaware General Corporation Law have been amended to fully enable both Delaware and non-Delaware entities to convert into Delaware corporations, and to permit Delaware corporations to convert into alternative forms of business entity, both Delaware and non-Delaware.

The Delaware Limited Liability Company Act, the Revised Limited Partnership Act, and the Revised Uniform Partnership Act have been amended by the addition or revision of provisions that clarify the ability of general and limited partners, managers, and members to rely upon records of the entity and upon opinions, reports, or statements made by other persons, including experts, in relation to the business of the entity.

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