Delaware HB407 amends the Delaware Hazardous Substances Cleanup Act and the Realty Transfer Tax, adjusting tax rates and dedicating funds to the.
Delaware HB407 amends Titles 7 and 30 of the Delaware Code, impacting the Delaware Hazardous Substances Cleanup Act and the Realty Transfer Tax. It adjusts the rate of additional tax based on the total of moneys deposited into the Hazardous Substance Cleanup Fund. For taxable periods between 2018 and 2026, the tax rate is determined by a specific formula, with a minimum of 0.675% and a maximum of 1.675%. For periods between 2026 and 2036, one-third of the moneys deposited into the Fund must be dedicated to implementing the Brownfields Development Program.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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