DOVER, Del. — The state Senate has given final approval to a bill increasing taxes on corporations, a key part of Gov. John Carney’s plan to balance a budget for the fiscal year starting July 1.

Under the legislation approved Thursday, maximum corporate franchise tax payments paid by many companies incorporated in Delaware will increase from $180,000 to $200,000. The legislation also creates a second-tier tax of $250,000 annually for the largest corporations.

Analysts say the bill will generate an additional $116 million annually in revenue.

Senators also gave final approval to a bill eliminating Delaware’s estate tax, a move Republicans sought in return for supporting the corporate tax increases.

Democrats and Republicans have yet to agree on a mix of spending cuts and other proposed tax increases to nail down a budget.