DOVER, Del. (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.
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