5 Del. Admin. Code § 1801-2.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 1801-2.0 - Certification of Tax; tax Due

2.1 Within 75 days after the end of its fiscal year, the building and loan association shall file with the Office of the State Bank Commissioner a statement of net income for the prior taxable period verified by oath. The statement of net income shall be of the form set forth in Regulation No. 1802 (formerly 5.1801.0002).

2.2 At the same time the building and loan association shall file with the Office of the State Bank Commissioner a Final Franchise Tax Report, verified by oath, of the form set forth in Regulation No. 1803 (formerly 5.1801.0003) and shall pay the final franchise tax due. Checks should be made payable to the State of Delaware.

2.3 The total franchise tax due shall be calculated as follows:

2.3.1 Net operating income before taxes reduced by any deduction set forth in § 1801 of Title 5, Delaware Code;

2.3.2 Multiplied by the factor .56 to arrive at taxable income;

2.3.3 The appropriate rate of taxation set forth in subsection 1801(c) of Chapter 18, Title 5, Delaware Code, shall be applied to the taxable income to arrive at the total franchise tax due.

5 Del. Admin. Code § 1801-2.0