HB 273

Abstract

This Act makes changes to the State’s budget and fiscal procedures. Specifically: Sections 1 and 7 of this Act update the deadlines for the submission of General Fund revenue forecasts to more effectively account for the timing of revenue payments. Section 2 of this Act updates notice requirements regarding bond sales to allow for notice using the Department of Finance website. Section 3 of this Act limits the availability of bond refunding premiums to an escrow account for debt service savings. Sections 4 and 6 of this Act eliminate the requirement that the Secretary of Finance be bonded, because the state’s self-insurance plan, § 6543 of Title 18 of the Delaware Code, provides coverage that eliminates the need for a bond and lifts this requirement. Section 5 of this Act simplifies the administrative responsibilities of the State, Counties, and the City of Wilmington related to private activity bond cap by requiring the Counties and City of Wilmington to request the amount of their guaranteed private activity bond cap as needed, eliminating the need to reassign unused portions back to the State each year. Section 8 of this Act extends the Division of Revenue’s authority to enter into agreements to share information with additional agencies and county governments on whose behalf the Division receives and processes tax returns and payments. Section 9 of this Act repeals an antiquated and now unnecessary penalty predating the current criminal code. Section 10 of this Act makes a technical correction to the exceptions to business license revocation following the issuance of a notice of intent. Section 11 of this Act ensures that all tobacco product tax deferred payment plans for the month of June are settled by June 25th. In addition, this Act makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.