What is Acquisition Indebtedness? So, lets start at the beginning. Mortgage interest is tax deductible. The first type of mortgage interest defined under the tax code is called âacquisition indebtednessâ. As you might expect, this includes the cost of borrowing to acquire your home, but also includes debt incurred to build or substantially improve a residence, as long as the debt is secured by the same residence.
Although Limited Partnerships, Limited Liability Companies and General Partnerships formed in the State of Delaware do not file an Annual Report, they are required to pay an annual tax of $250.00 ($300.00 to be made effective July 1, 2014, beginning tax year 2014) .
S.B. 264 enacted a sales tax holiday to occur only in 2016. The holiday starts on Friday, August 5, 2016 at 12:00 a.m. and ends on Sunday, August 7, 2016 at 11:59 p.m. During the holiday, the following items are exempt from sales and use tax: Clothing priced at $75 per item or less; School supplies priced at $20 per item or less; and.