Delaware Code Title 3 Sec. 8561 – Exemption from state taxation
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No association organized under this chapter shall be liable for the payment of any state tax upon its right to do business in this State, upon its earnings or income, or any part thereof, upon its capital stock, or upon any scrip, bonds, certificates, or other evidences of indebtedness issued by such corporation, and all stocks, bonds, et cetera, issued by such associations shall be exempt from all state taxation. Associations organized under this chapter shall not be required to file reports relative to taxes required by law of corporations not exempt from the payment of such taxes.
41 Del. Laws, c. 132, § ?20; 3 Del. C. 1953, § ?8561;
Terms Used In Delaware Code Title 3 Sec. 8561
- Association: means a corporation formed under this chapter. See Delaware Code Title 3 Sec. 8501
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302