Bill Text: DE HB106 | 2017-2018 | 149th General Assembly | Draft
Bill Title: An Act To Amend Title 30 Of The Delaware Code Relating To Personal Income Tax.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2018-01-25 - Amendment HA 1 to HB 106 - Introduced and Placed With Bill [HB106 Detail]
Download: Delaware-2017-HB106-Draft.html
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SPONSOR: |
Rep. Kowalko & Sen. Henry |
HOUSE OF REPRESENTATIVES
149th GENERAL ASSEMBLY
HOUSE BILL NO. 106
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)(14) For taxable years beginning after December 31, 2013, and before January 1, 2017, 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; and
6.6% of taxable income in excess of $60,000.
(15) For taxable years beginning after December 31, 2016, 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 of $250,000 with a rate of 7.85%.
