DE HB97

Adds a new exclusion to Delaware's personal income tax for persons age 60 or older receiving pensions from the United States, including military retirement income, effective for taxable years beginning January 1, 2011.

Excludes pension amounts exceeding $12,500 but not exceeding $37,500 from taxable income.

Reduces the excluded amount by any Social Security benefits paid by the United States in the same taxable year that are included in federal adjusted gross income.

Intended to equalize tax treatment between federal retirees not covered or partially covered by Social Security and those receiving Social Security benefits, which are already tax-exempt.