Bill Text: DE HB321 | 2023-2024 | 152nd General Assembly | Draft
Bill Title: An Act To Amend Title 30 Of The Delaware Code Relating To Increasing The Personal Exemption Credit.
Spectrum: Moderate Partisan Bill (Republican 7-1)
Status: (Introduced) 2024-03-12 - Not Worked in Committee [HB321 Detail]
Download: Delaware-2023-HB321-Draft.html
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SPONSOR: |
Rep. Yearick & Sen. Pettyjohn |
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Reps. Morris, Parker Selby, Ramone, Michael Smith; Sens. Buckson, Wilson |
HOUSE OF REPRESENTATIVES
152nd GENERAL ASSEMBLY
HOUSE BILL NO. 321
AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO INCREASING THE PERSONAL EXEMPTION CREDIT.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend § 1110, Title 30 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:
§ 1110. Personal exemptions and credits.
(a) For tax years ending before January 1, 1996, a resident shall be allowed an exemption of $1,250 for each exemption to which that resident is entitled for the taxable year for federal income tax purposes. Resident persons age 60 or over shall be allowed one additional personal exemption.
(b) Except as allowed in subsection (c) of this section, for For tax years beginning after December 31, 1995, resident individuals shall be allowed a personal credit against the individual’s tax otherwise due under this chapter in the amount of:
(1) $110 for each personal exemption to which such individual is entitled for the taxable year for federal income tax purposes; plus
(2) An additional $110 in the case of each resident person age 60 or over.
(c) For tax years beginning after December 31, 2023:
(1) A resident individual with at least $18,000 per year and not exceeding $36,000 per year of income from wages, tips, and other compensation from their Form W-2’s and Form 1099-NEC’s and whose federal adjusted gross income does not exceed $36,000 shall be allowed $330 for each personal exemption to which such individual is entitled for the taxable year for federal income tax purposes.
(2) In the case of resident individual spouses who file a joint Delaware return with at least $36,000 per year and not exceeding $72,000 of income from wages, tips, and other compensation from their Form W-2’s and 1099-NEC’s and whose federal adjusted gross income does not exceed $72,000 shall be allowed $330 for each personal exemption to which such individuals are entitled for the taxable year for federal income tax purposes.
(3) In the case of resident individual spouses who file a joint federal income tax return but elect to file separate Delaware income tax returns, and provided each spouse has at least $18,000 per year and not exceeding $36,000 per year of income from wages, tips, and other compensation on their Form W-2’s and Form 1099-NEC’s shall be allowed $330 for each personal exemption to which such individual is entitled for the taxable year for federal income tax purposes.
(c) (d) In no event shall the credit allowed under subsection (b) of this section exceed the tax otherwise due under this chapter.
(e) The amount of the credit allowed under subsection (c) of this section that exceeds the tax otherwise due under this chapter is refundable.
Section 2. This Act expires for tax years beginning after December 31, 2025.
SYNOPSIS
This act increases from $110 to $330 each personal exemption credit for certain lower income earning individuals.
