Milford chronicle., 1918-01-11

AN ACT to Amend Chapter Of the Re-
Used Code Of the State Of Delaware
Nv providing for an Income Tax.
10 # enacted by the Senate and House
If Representatives Of the State OF
Delaware in General Assembly met:
Section 1. That Chapter of the Re
,,ised code of the State Of Delaware be
and the same is hereby amended by add
nc thereto the following, to be known
80 "State Revenue Article 81. Income
Tax 2S1 A. Sec. 245, 2S1 B. Sec. 145, z6l
G Sec. 247, 2S1 D. Sec. 24S, 2Sl =, Sec.
949 2s1 F, Sec. $50, 2S1 9. Sec. z5l' zSl
u Sec 252. 2s1 /. See 253, 2S1 J. Sec.
asA SS1 K. Sec. 255, 2S1 L. Sec. 256, 2S1
N Sec. 257, 2S1 N. Sec. 25S, 2S1 0. Sec.
S5e 2s1 P. Sec ESQ., 2S1 Q. Sec. 261, 2S1
r Sec. 262, and 2S1 S. Sec. 26S.
STATE EvENUE-ARTICLE 81.
Income Tax.
2s1 A. Sec. 245. As used in this Article
the following words and phrases are de-
6ned as follOws:-The phrase income
tax" means the tax imposed by 2Sl B.
Sec 246 hereof; the word Taxable"
means a natural person who is a citizen
or resident of the State of Delaware;
the phrase met income means the ag-
gregate of all gains, profits, salaries,
wages. compensation for personal SER
vice of whatever kind and in whatever
form paid, income derived from profess
sions. vocatiOns, business, trade, COM
merce. sales or dealings in real or per-
sonal property growing out OF the own
ersbip or use of or interest in such prop
erty, also from interest, dividends, Sc
curities or the transaction of any busi-
ness, carried on for gain or profit, or
4 afNrnd urnd
actually received into possession by
taxable from any source whatever, and
also the share of the profits Of any tax
able in a co-partnership whether such
profts have been divided or otherwise,
less the aggregate of all such exemptions
and deductions as are hereinafter allow
ed; provided, that for the purpose Of
ascertaining the gain or loss, resulting
from the sale or other disposition of
property, acquired before January first,
nineteen hundred and seventeen, the fair
market price of value of such property
as of said date shall be the basis for
determining the amount of such gain or
loss; and also, provided, that in deter
mining the taxable's share of the profits
of a co-partnership, the said co-partner-
ship shall be allowed all the deductions
mentioned in 2S1 D. See. 24S hereof and
also interest upon the obligations of a
State or any political subdivisions there
of or upon the obligations of the United
States or its possessions, and also rent
ais of real estate and gains or profits de-
rived from agricultural operations; the
word dividends" means any distribu-
tion made by corporation, joint stock
company or association out of its earn
ings or profits accrued since January
first, nineteen hundred and seventeen,
and paid to its shareholders, whether in
cash or property.
Any notice notification required to
be given or provided for, by this Article
of the Code shall be a written notice
contained in a sealed envelope addressed
to the taxable at his usual place of abode
and deposited in the United States mails.
2S1 B. Sec. 246. There shall be levied,
assessed, collected and paid annually
upon the entire net income received in
the preceding calendar year from all
sources by every taxable a tax of one
per centum upon such income, beginning
with the net income received by every
taxable for the calendar year nineteen
hundred and seventeen.
281 G. Sec. 247. The following income
shall be exempt from income tax
The proceeds of life insurance policies
paid to individual benefciaries upon the
death of the insured; the amount receiv-
ed by the insured, as a return of pre-
MUM VI pA ACuiAuAlS pd4u ny uAAu uAASA
life insurance, endowment, or annuity
contracts, either during the term or at
the maturity of the term mentioned in
the contract or upon the surrender of
the contract; the value of property
acquired by gift, bequest, devise or de-
scent; interest upon the obligations Of
State or any political subdivision
thereof or upon the obligations of the
United States or its possessions; the
salary of the present Governor during
the term for which he has been elected
and the compensation of other public
officers of this State, now in Office, dur
ing their present terms of Office respect