Friday, June 26, 2009
Summer Time Fun
It’s summer time again and you know what that means, county fair season. Growing up I spent most days the Cecil County Fair was open on the fair grounds, from morning till night. This year the Cecil County Fair is July 24 - August 1, 2009. I know some consider county fair’s to be a hick town event. I’ll admit, as someone who comes from a small town, we have our events most city folk would laugh at; but no matter how “country” our events are we have the best time. The Cecil County Fair has everything from square dancing to a 4-H fashion show and everything in between, and don’t forget about the rides on the midway. If you’ ve never been to a county fair you really are missing an important piece of summer fun.
Thursday, June 25, 2009
ARC loans through the SBA
There's no doubt. The economy is hurting many businesses- both big and small.
Here's a bit of good news.
Short-term relief may be in sight for small businesses that are struggling to survive. Starting this week, the Small Business Administration (SBA) started distributing deferred payment loans that range up to $35,000 to 10,000 businesses facing immediate financial hardship.
ARC loans provide an immediate infusion of capital to small businesses to assist with making payments of principal and interest on existing debt. The loans are designed to allow borrowers to redirect cash flow from making loan payments to investing in their businesses, to help sustain the business and retain jobs.
The interest-free loans will be offered for as long as funding is available or until September 30th of next year, whichever comes first, and do not carry any fees that need to be paid to the SBA.
If you think that your may be interested in the ARC loans, visit www.sba.gov/recovery/arcloanprogram
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Wednesday, June 24, 2009
Delaware Corporate Legislation Tracker
There will probably be daily updates on these bills over the next week.
The Delaware Corporate Legislation Tracker is a free service, designed to keep you up to date on current and pending legislation related to Delaware Corporate rules and regulations. Here is the latest installment:
The following Legislation affecting Title 6 - Commerce and Trade, Title 8 - Corporations, Title 12 - Decedents' Estates and Fiduciary Relations, and Title 29 - State Government was acted upon by the General Assembly on 6/24/2009:
HB 267
Title: AN ACT TO AMEND TITLE 6, TITLE 8, TITLE 12, AND TITLE 29 OF THE DELAWARE CODE RELATING TO VARIOUS FEES AND TAXES CHARGED BY THE SECRETARY OF STATE.
Synopsis: This Act increases various fees and taxes assessed by the Delaware Secretary of State. The Act provides for an effective date as of January 1, 2009 for all tax changes and an effective date of August 1, 2009 for all other changes.
History:
Jun 24, 2009 - Reported Out of Committee
(REVENUE & FINANCE) in House with 6 On Its Merits
Jun 24, 2009 - Amendment HA 6 to HB 267- Introduced and Placed With Bill
Jun 24, 2009 - Amendment HA 5 to HB 267- Introduced and Placed With Bill
Jun 24, 2009 - Amendment HA 4 to HB 267- Introduced and Placed With Bill
Jun 24, 2009 - Amendment HA 3 to HB 267- Introduced and Placed With Bill
Jun 24, 2009 - Amendment HA 2 to HB 267 - Introduced and Placed With Bill
Jun 23, 2009 - Amendment HA 1 to HB 267 - Introduced and Placed With Bill
Jun 22, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
HB 239
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO TAX ON LIMITED LIABILITY COMPANY.
Synopsis:
This Act would increase the State tax levied and imposed on both domestic and foreign limited liability companies.
Bill History:
Jun 24, 2009 - Amendment HA 1 to HB 239- Introduced and Placed With Bill
Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
HB 241
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO TAX ON LIMITED LIABILITY COMPANY.
Synopsis:
This Act would increase the State tax levied and imposed on both domestic and foreign limited liability companies.
Bill History:
Jun 24, 2009 - Amendment HA 1 to HB 241- Introduced and Placed With Bill
Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
HB 240
Title: AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO CORPORATE FRANCHISE TAX.
Synopsis:
This Act would increase the cap on the State corporate franchise tax levied and imposed on a corporation from $165,000 to $195,000 for any full taxable year.
Bill History:
Jun 24, 2009 - Amendment HA 1 to HB 240- Introduced and Placed With Bill
Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
The following Legislation affecting Title 9 - Counties, and Title 29 - State Government was acted upon by the General Assembly on 6/24/2009:
HB 262
Title: AN ACT TO AMEND TITLE 9 AND TITLE 29 OF THE DELAWARE CODE RELATING TO GOVERNMENT RECORDS MANAGEMENT.
Synopsis: This Act increases the current State surcharge on each document or paper recorded or filed with the county recorders from $6 to $30. Additional proceeds of $24 per recordation or filing will supplement the Government Records Management Improvement Fund, which is renamed by this Act as the Delaware Cultural Access Fund. Fund fees retained by the State will be used to promote, preserve and protect Delaware’s cultural assets. Fees for the Government Records Management Improvement Fund have not been increased since 1991.
History:
Jun 24, 2009 - Reported Out of Committee (REVENUE & FINANCE) in House with 6 On Its Merits, 2 Unfavorable
Jun 23, 2009 - Amendment HA 1 to HB 262 - Introduced and Placed With Bill
Jun 22, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
The following Legislation affecting Title 30 - State Taxes was acted upon by the General Assembly on 6/24/2009:
HB 266
Title: AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO GROSS RECEIPTS TAXES.
Synopsis: This Act increases certain General Fund business and occupational gross receipts tax rates. Sections 1 through 16 of the Act set forth the specific gross receipts tax rate increases made by the Act. Section 17 of the Act eliminates a sunset provision that would have automatically repealed the gross receipts tax rate increases that were enacted in 2008. Section 18 of the Act is a severance provision. Section 19 of the Act provides that the rate increases made by Sections 1 through 16 of the Act are effective for taxable periods beginning after December 31, 2009.
History:
Jun 24, 2009 - Reported Out of Committee (REVENUE & FINANCE) in House with 4 On Its Merits, 2 Unfavorable
Jun 23, 2009 - Amendment HA 1 to HB 266 - Introduced and Placed With Bill
Jun 22, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
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Tuesday, June 23, 2009
Delaware Corporate Legislation Tracker
This is big news!
The Delaware Corporate Legislation Tracker is a free service, designed to keep you up to date on current and pending legislation related to Delaware Corporate rules and regulations. Here is the latest installment:
The following Legislation affecting Title 6 - Commerce and Trade, Title 8 - Corporations, Title 12 - Decedents' Estates and Fiduciary Relations, and Title 29 - State Government was acted upon by the General Assembly on 6/23/2009:
HB 267
Title: AN ACT TO AMEND TITLE 6, TITLE 8, TITLE 12, AND TITLE 29 OF THE DELAWARE CODE RELATING TO VARIOUS FEES AND TAXES CHARGED BY THE SECRETARY OF STATE.
Synopsis: This Act increases various fees and taxes assessed by the Delaware Secretary of State. The Act provides for an effective date as of January 1, 2009 for all tax changes and an effective date of August 1, 2009 for all other changes.
History:
Jun 23, 2009 - Amendment HA 1 to HB 267 - Introduced and Placed With Bill
Jun 22, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
The following Legislation affecting Title 9 - Counties, and Title 29 - State Government was acted upon by the General Assembly on 6/23/2009:
HB 262
Title: AN ACT TO AMEND TITLE 9 AND TITLE 29 OF THE DELAWARE CODE RELATING TO GOVERNMENT RECORDS MANAGEMENT.
Synopsis: This Act increases the current State surcharge on each document or paper recorded or filed with the county recorders from $6 to $30. Additional proceeds of $24 per recordation or filing will supplement the Government Records Management Improvement Fund, which is renamed by this Act as the Delaware Cultural Access Fund. Fund fees retained by the State will be used to promote, preserve and protect Delaware’s cultural assets. Fees for the Government Records Management Improvement Fund have not been increased since 1991.
History:
Jun 23, 2009 - Amendment HA 1 to HB 262 - Introduced and Placed With Bill
Jun 22, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
The following Legislation affecting Title 30 - State Taxes was acted upon by the General Assembly on 6/23/2009:
HB 266
Title: AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO GROSS RECEIPTS TAXES.
Synopsis: This Act increases certain General Fund business and occupational gross receipts tax rates. Sections 1 through 16 of the Act set forth the specific gross receipts tax rate increases made by the Act. Section 17 of the Act eliminates a sunset provision that would have automatically repealed the gross receipts tax rate increases that were enacted in 2008. Section 18 of the Act is a severance provision. Section 19 of the Act provides that the rate increases made by Sections 1 through 16 of the Act are effective for taxable periods beginning after December 31, 2009.
History:
Jun 23, 2009 - Amendment HA 1 to HB 266 - Introduced and Placed With Bill
Jun 22, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
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Friday, June 19, 2009
Delaware Corporate Legislation Tracker
It's been a busy month down in Dover. Stay informed as to upcoming changes to the Delaware Code with The Delaware Corporate Legislation Tracker.
This is a free service, designed to keep you up to date on current and pending legislation related to Delaware Corporate rules and regulations. Here is the latest installment:
The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/18/2009:
HB 142
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED PARTNERSHIPS.
Synopsis:
This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments of the Act.
Bill History:
Jun 18, 2009 - Passed by Senate.
Votes: 18 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT
Jun 10, 2009 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
Jun 04, 2009 - Assigned to Judiciary Committee in Senate
Jun 02, 2009 - Passed by House of Representatives.
Votes: 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
May 13, 2009 - Reported Out of Committee (JUDICIARY) in House with
1 Favorable, 5 On Its Merits
May 05, 2009 - Introduced and Assigned to Judiciary Committee in House
SB 88
AN ACT TO AMEND TITLES 6 AND 12 OF THE DELAWARE CODE RELATING TO TRANSFERS OF PROPERTY AND FIDUCIARY RELATIONS.
Synopsis:
This bill continues the practice of amending periodically the Delaware Code with respect to Delaware Trusts, trustees, fiduciary duties, and the filing of accounts with the Register in Chancery.
Bill History:
History:
Jun 18, 2009 - Passed by House of Representatives.
Votes: 41 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 17, 2009 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 2 Favorable, 7 On Its Merits
Jun 10, 2009 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
Jun 09, 2009 - Passed by Senate.
Votes: 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 03, 2009 - Reported Out of Committee (JUDICIARY) in Senate with 1 Favorable, 3 On Its Merits
May 13, 2009 - Assigned to Judiciary Committee in Senate
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Thursday, June 18, 2009
William B. Chandler III to be nominated for second term as Chancellor of the Delaware Court of Chancery
DOVER – Gov. Jack Markell announced yesterday that he plans to nominate William B. Chandler III for a second term as Chancellor of the Court of Chancery. As Chancellor, Chandler leads Delaware’s Court of Chancery, which is Delaware’s court of equity and the nation’s leading forum for resolution of business law disputes.
“Chancellor Chandler is a renowned jurist and Delaware is fortunate that he has agreed to be nominated for another term,” Markell said. “The Court of Chancery is an extremely valuable asset and is a major reason why Delaware is the corporate home for so many of the world’s top businesses. I am delighted that Chancellor Chandler wants to continue to provide his leadership to the Court and his service to the State of Delaware.”
Chandler joined the Court of Chancery in 1989, after four years on the Superior Court bench. He was elevated to Chancellor in 1997. As Vice-Chancellor and Chancellor, Chandler has helped build the Court’s worldwide reputation in the corporate law community.
posted by Russell at
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Delaware Corporate Legislation Tracker
Increase in Delaware Franchise Tax- again? Here's one to watch...
The Delaware Corporate Legislation Tracker is a free service, designed to keep you up to date on current and pending legislation related to Delaware Corporate rules and regulations. Here is the latest installment:
The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/17/2009:
HB 239
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO TAX ON LIMITED LIABILITY COMPANY.
Synopsis:
This Act would increase the State tax levied and imposed on both domestic and foreign limited liability companies.
Bill History:
Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
HB 241
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO TAX ON LIMITED LIABILITY COMPANY.
Synopsis:
This Act would increase the State tax levied and imposed on both domestic and foreign limited liability companies.
Bill History:
Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
The following Legislation affecting Title 8 - Corporations was acted upon by the General Assembly on 6/17/2009:
HB 240
Title: AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO CORPORATE FRANCHISE TAX.
Synopsis:
This Act would increase the cap on the State corporate franchise tax levied and imposed on a corporation from $165,000 to $195,000 for any full taxable year.
Bill History:
Jun 17, 2009 - Introduced and Assigned to Revenue & Finance Committee in House
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Wednesday, June 17, 2009
Delaware Corporate Legislation Tracker
I think it is safe to say the Delaware Legislature will be busy over the next two weeks...
The Delaware Corporate Legislation Tracker is a free service, designed to keep you up to date on current and pending legislation related to Delaware Corporate rules and regulations. Here is the latest installment:
The following Legislation affecting Title 5 - Banking was acted upon by the General Assembly on 6/16/2009:
SB 155
Title: AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO TRUSTS.
Synopsis:
Revised Section 924(a)(1) is intended to expand the scope of beneficiaries permitted under a so-called “Totten Trust” to include non-profit organizations qualified under Section 501(c)(3) of the Internal Revenue Code. It is expected that the expansion will offer additional estate planning alternatives that could benefit the non-profit community and will align Delaware law with FDIC insurance regulations, including the types of beneficiaries now permitted on Totten Trust accounts for purposes of FDIC insurance coverage.
Bill History:
Jun 16, 2009 - Assigned to Banking Committee in Senate
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