Bill > HB7

This bill amends Section 702 of Title 18 of the Delaware Code to remove references to Sections 1917 and 6914 from the list of tax sections when specifying tax payment schedules. The change resolves an internal inconsistency in the Insurance Code regarding the timing of tax payments for surplus lines brokers and captive insurance companies. By removing these specific section references, the bill clarifies that these types of insurance businesses will continue to pay premium taxes as they have historically, following their respective existing sections (1917 for surplus lines brokers and 6914 for captive insurance companies). The bill maintains the existing tax payment structure, which requires taxpayers to pay 50% of estimated tax liability on April 15, with the remaining balance paid in installments of 20% in June, 20% in September, 10% in December, and the final balance on March 1 of the following year. This technical amendment ensures consistent and clear tax reporting for different types of insurance entities in Delaware.

Business and Industry

https://legis.delaware.gov/BillDetail?LegislationId=141793