Legislation that would lower taxes on banks based in Delaware and provide subsidies for new jobs created in the financial-services industry flew through the state Senate on Tuesday.
Senate Bill 91, which passed 21-0 with no debate, would reduce the alternative bank franchise tax rate and lower the amount of assets that Delaware-based banks hold nationally that are subject to the levy.
The bill also creates a $1,250 tax credit for every new job created for banks that bring 200 or more new jobs to the state and invest at least $15,000 per new employee in capital improvements.
Cutting the alternative bank franchise tax would require lawmakers to forgo $3.4 million of revenue in the 2012 fiscal year that begins July 1 and $8.5 million in revenue in the 2013 fiscal year.
1 comment:
That's good. Lets cut taxes for banks because banks don't have much money.
Post a Comment