DE HB182

Reduces personal income tax rates by 0.05% across all tax brackets for taxable years beginning after December 31, 2015.

Creates two new tax brackets: 7.05% for taxable income exceeding $125,000 but not exceeding $250,000, and 7.80% for taxable income exceeding $250,000.

Implements a tiered reduction of itemized deductions based on taxable income: 20% reduction for income $125,000-$160,000, increasing to 100% reduction for income exceeding $250,000.

Modifies Delaware Code Title 30 sections 1102(a) and 1109(a) to establish the new tax rate structure and itemized deduction phase-out provisions.