Bill Text: DE HB181 | 2015-2016 | 148th General Assembly | Draft

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Bill Title: An Act To Amend Title 30 Of The Delaware Code Relating To Personal Income Tax.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2015-06-17 - Reported Out of Committee (REVENUE & FINANCE) in House with 8 On Its Merits [HB181 Detail]

Download: Delaware-2015-HB181-Draft.html

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SPONSOR:	Rep. Kowalko & Rep. Keeley & Rep. Lynn & Rep. Potter & Sen. Peterson
	Reps. Baumbach, J. Johnson, Osienski

HOUSE OF REPRESENTATIVES

148th GENERAL ASSEMBLY

HOUSE BILL NO. 181

AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO PERSONAL INCOME TAX.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fifths of all members elected to each house thereof concurring therein):

Section 1.Amend Title 30, §1102(a) of the Delaware Code by making deletions as shown by strike through and insertions as shown by underlining as follows and redesignating accordingly:

§1102 Imposition and rate of tax; separate tax on lump-sum distributions.

(a)(15) For taxable years beginning after December 31, 2015, the amount of tax shall be determined as follows:

2.2% of taxable income in excess of $2,000 but not in excess of $5,000;

3.9% of taxable income in excess of $5,000 but not in excess of $10,000;

4.8% of taxable income in excess of $10,000 but not in excess of $20,000;

5.2% of taxable income in excess of $20,000 but not in excess of $25,000;

5.55% of taxable income in excess of $25,000 but not in excess of $60,000;

6.60% of taxable income in excess of $60,000 but not in excess of $125,000;

7.10% of taxable income in excess of $125,000.but not in excess of $250,000; and

7.85% of taxable income in excess of $250,000.

SYNOPSIS

This bill creates a new tax bracket at $125,000 with a rate of 7.10%, and an additional bracket at $250,000 with a rate of 7.85%.