Bill Text: DE HB64 | 2021-2022 | 151st General Assembly | Draft


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

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Introduced) 2021-01-13 - Introduced and Assigned to Revenue & Finance Committee in House [HB64 Detail]

Download: Delaware-2021-HB64-Draft.html

SPONSOR:

Rep. Kowalko & Rep. Morrison & Rep. Wilson-Anton & Sen. Pinkney & Sen. Sokola

Reps. Baumbach, Bentz, Osienski, K. Williams; Sens. Ennis, S. McBride

HOUSE OF REPRESENTATIVES

151st GENERAL ASSEMBLY

HOUSE BILL NO. 64

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 § 1102, Title 30 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:

§ 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, 2021, 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, 2020, the amount of tax is 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;

6.6% 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;

7.85% of taxable income in excess of $250,000, but not in excess of $500,000; and

8.6% of taxable income in excess of $500,000.

SYNOPSIS

This Act creates the following new tax brackets: at $125,000, with a rate of 7.10%, at $250,000, with a rate of 7.85%, and at $500,000, with a rate of 8.6%.

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