Bill Text: DE HB233 | 2023-2024 | 152nd General Assembly | Draft
Bill Title: An Act To Amend Title 30 Of The Delaware Code Relating To Personal Income Tax.
Spectrum: Partisan Bill (Republican 6-0)
Status: (Introduced) 2024-01-23 - Motion to Release Failed [HB233 Detail]
Download: Delaware-2023-HB233-Draft.html
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SPONSOR: |
Rep. Ramone & Sen. Hocker |
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Reps. Collins, Michael Smith; Sen. Wilson |
HOUSE OF REPRESENTATIVES
152nd GENERAL ASSEMBLY
HOUSE BILL NO. 233
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:
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.
(14) For taxable years beginning after December 31, 2013, and before January 1, 2025, 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, 2024, the amount of tax shall be as follows:
2.0% of taxable income in excess of $2,500, but not in excess of $10,000;
4% of taxable income in excess of $10,000, but not in excess of $25,000;
5.0% of taxable income in excess of $25,000.
SYNOPSIS
This Act raises the minimum income to be subject to income tax from $2,000 to $2,500.
Also, the current 6 income tax brackets are collapsed into 3 brackets, each with a slightly reduced tax rate for most taxpayers.
