Bill Text: DE HB107 | 2017-2018 | 149th 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 4-0)

Status: (Introduced - Dead) 2017-06-28 - Amendment HA 1 to HB 107 - Introduced and Placed With Bill [HB107 Detail]

Download: Delaware-2017-HB107-Draft.html

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SPONSOR:	Rep. Kowalko & Rep. Keeley & Rep. Potter & Sen. Henry
Reps. Baumbach, Bentz, Lynn, Mitchell, Osienski, K. Williams

 

HOUSE OF REPRESENTATIVES

149th GENERAL ASSEMBLY

 

HOUSE BILL NO. 107

 

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):

 

(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.  

  Section 2. Amend §1109, Title 30 of the Delaware Code by making deletions as shown by strikethrough and insertions as shown by underline as follows:

a. 20 percent in the case of an individual with adjusted gross income in excess of $125,000 but not in excess of $160,000;

b. 40 percent in the case of an individual with adjusted gross income in excess of $160,000 but not in excess of $190,000;

c. 60 percent in the case of an individual with adjusted gross income in excess of $190,000 but not in excess of $220,000;

d. 80 percent in the case of an individual with adjusted gross income in excess of $220,000 but not in excess of $250,000;

e. 100 percent in the case of an individual with adjusted gross income in excess of $250,000.  

 

SYNOPSIS

This bill creates two new tax brackets at $125,000 with a rate of 7.10%, and $250,000 with a rate of 7.85%.  Also, the bill provides a tiered reduction of the otherwise available itemized deduction based upon the individual's taxable income.