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SPONSOR: Rep. Bush & Sen. Mantzavinos
Sens. Poore, Walsh
HOUSE OF REPRESENTATIVES
153rd GENERAL ASSEMBLY
HOUSE BILL NO. 7
AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO TAXES.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
1 Section 1. Amend § 702, Title 18 of the Delaware Code by making deletions as shown by strike through and
2 insertions as shown by underline as follows:
3 § 702. General premium tax; underwriting profits tax.
4 (d) The taxes imposed under this section and §§ 703, 704, 707, 1917 and 6914 and 707 of this title shall be
5 payable as follows:
6 Fifty percent of the estimated tax liability for the current year shall be paid on April 15 of the current year, and the
7 balance of the estimated tax shall be paid in installments as follows: 20% on June 15 of the current taxable year; 20% on
8 September 15 of the current taxable year; 10% on December 15 of the current taxable year; and the remaining balance to be
9 paid on March 1 of the following year.
SYNOPSIS
This bill resolves an internal inconsistency in the Insurance Code regarding the timing of payment of taxes for
captive insurance companies and surplus lines brokers. Sections 1917 and 6914 of the Insurance Code specifically address
the amount and timing of taxes due for surplus lines brokers and captive insurance companies, respectively. Surplus lines
brokers and captive insurance companies will continue to pay premium taxes in accordance with Sections 1917 and 6914,
respectively, as they have historically.
HD : AMM : DS Page 1 of 1 Released: 01/16/2025 11:37 AM
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