§ 515 — Filing frequency and tax computation thresholds

Delaware § 515

• Jurisdiction: Delaware
• Title: 30
• Part: General Provisions; State Tax Agencies; Procedure and Enforcement
• Ch. 5: PROCEDURE, ADMINISTRATION AND ENFORCEMENT
• Subch.: Returns and Payment of Tax

Text

(a)Annual adjustment. —Each year, the Department of Finance shall calculate the threshold adjustment factor no later than October 25 of that year and shall present the adjustment to the Delaware Economic and Financial Advisory Council at its October meeting.

(b)Calculation. —(1) The applicable thresholds for notification requirements, filing frequencies, tax and tax credit calculations shall be recomputed after the annual adjustment described in subsection (a) of this section by multiplying each applicable threshold by the threshold adjustment factor calculated as set forth in § 502(b)(15) of this title.

(2) For any applicable threshold less than $1,000,000, the resulting product of the calculation in paragraph (b)(1) of this section shall be rounded to the nearest $10. For any applicable threshold of $1,000,000 or more, the resulting product of the calculation in paragraph (b)(1) of this section shall be rounded to the nearest $1,000.

(c)Applicability. —(1) The applicable thresholds subject to annual adjustment shall include:

a. The figure “$1,000” as it appears in § 521(c) of this title;

b. The figure “$1,000” as it appears in § 552(b) of this title;

c. The figures “$4,500” and “$25,000” wherever they appear in § 1154(a) of this title;

d. The figure “$20,000,000” as it appears in § 1905(5) of this title;

e. The figure “$20,000,000” as it appears in § 2070(a)(2) of this title;

f. The figure “$112,200” as it appears in § 2081(21) of this title;

g. The figure “$1,500,000” as it appears in § 2301(d)(2) of this title;

h. The figure “$1,500,000” as it appears in § 2502(c)(2) of this title;

i. The figure “$1,500,000” as it appears in § 2702(b)(3) of this title;

j. The figure “$1,500,000” as it appears in § 2703(c)(2) of this title;

k. The figure “$1,500,000” as it appears in § 2902(c)(2) of this title;

l. The figure “$1,500,000” as it appears in § 2903(c)(2) of this title;

m. The figure “$3,000,000” as it appears in § 2904(c)(2) of this title;

n. The figure “$1,500,000” as it appears in § 2905(b)(2) of this title;

o. The figure “$1,500,000” as it appears in § 2906(c)(2) of this title;

p. The figure “$3,000,000” as it appears in § 2907(c)(2) of this title; and

q. The figure “$1,500,000” as it appears in § 2908(c)(2) of this title.

(2) The annual adjustment of the applicable thresholds for notification requirements, filing frequencies, tax and tax credit calculations occurring each October as required under subsection (a) of this section is effective for determining the applicable thresholds for notification requirements, filing frequencies, tax and tax credit calculations for tax periods beginning after December 31 of the year in which the applicable thresholds were adjusted.

(d)Publication. —

No later than November 15 each year, the Department of Finance shall publish the annual adjustments to all applicable thresholds on the Division of Revenue Internet Website and engage in public outreach notifying businesses, employers, payroll processors, tax professionals, and the general public of the adjustments.

Legislative History

80 Del. Laws, c. 195, § 2 ; 80 Del. Laws, c. 207, § 1 ; 81 Del. Laws, c. 386, § 1 ; 82 Del. Laws, c. 101, § 4 ; 82 Del. Laws, c. 226, § 7