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For an LLC in Delaware, the state franchise tax is $300 and is due before June 1 of each year. Failure to file the final franchise tax can result in a $200 fine plus a 1.5% monthly interest penalty.
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]
A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of capital held by the entity. The franchise tax effectively ...
Franchise taxes on Delaware corporations supply about a fifth of the state's revenue. [131] Although "USA (Delaware)" ranked as the world's most opaque jurisdiction on the Tax Justice Network 's 2009 Financial Secrecy Index, [ 132 ] the same group's 2011 Index ranks the U.S. fifth and does not specify Delaware. [ 133 ]
The taxes and fees generated by those businesses brought Delaware about $2 billion in 2022. But other states have been chipping away at Delaware’s standing in recent years by creating their own ...
Early in the 20th century, it was recognized by some states, initially New Jersey, that the state could cut its tax rate in order to attract more incorporations, and thus bolster tax receipts. [24] Quickly, Delaware emerged as a preferred state of incorporation. [ 25 ]
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