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This involved a Delaware Statutory Trust that came before the Internal Revenue Service (IRS) and Treasury Department, who offered a ruling on the following two issues: [8] [9] "[H]ow is a Delaware statutory trust, described in Del. Code Ann. title 12, §§ 3801 - 3824, classified for federal tax purposes?" [8] [9]
Delaware charges a franchise tax on the corporations incorporated in it. Franchise taxes in Delaware are higher than in most other states which typically get revenue from corporate income taxes on the portion of the corporation's business done in that state. Delaware's franchise taxes supply about one-fifth of its state revenue. [17]
Delaware's economy shifted to a manufacturing base in the late 19th century, led by the transformation of the DuPont Company. [1] Modern growth in the financial workforce has overtaken the manufacturing sector in the state's economy. The Delaware General Corporation Law provides a flexible and stable framework for national incorporation. [2]
Wholesale sales tax, a tax on sales of wholesale of tangible personal property when in a form packaged and labeled ready for shipment or delivery to final users and consumers; Retail sales tax, a tax on sales of retail of tangible personal property to final consumers and industrial users [3] Gross receipts taxes, levied on all sales of a ...
State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly. This table includes the per capita tax collected at the state level.
A spokesman for the Delaware Department of Transportation said the agency will review the decision before commenting on it and the future of the vanity plate program.
Tax is collected by the Delaware Division of Revenue. [175] Delaware has six different income tax brackets, ranging from 2.2% to 5.95%. The state does not assess sales tax on consumers. The state does, however, impose a tax on the gross receipts of most businesses. Business and occupational license tax rates range from 0.096% to 1.92% ...
Many cities, counties, transit authorities and special purpose districts impose an additional local sales or use tax. Sales and use tax is calculated as the purchase price times the appropriate tax rate. Tax rates vary widely by jurisdiction from less than 1% to over 10%. Sales tax is collected by the seller at the time of sale.