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DE HB253

Bill

Official Source

Status

Introduced

1/20/2016

Primary Sponsor

Paul Baumbach

Click for details

Origin

House of Representatives

148th General Assembly

AI Summary

  • Changes the earned income tax credit from nonrefundable to refundable for tax year 2017 and beyond, allowing the credit to exceed tax otherwise due
  • Reduces the credit rate from 20% of the corresponding federal earned income credit to 6% for tax year 2017
  • Increases the credit by 1% each tax year after 2017 until reaching 15% in tax year 2026, when increases cease
  • Maintains the 20% credit rate for all tax years prior to 2017 as a nonrefundable credit
  • Restricts the nonrefundable 20% credit to not exceed tax otherwise due, while allowing the refundable credit starting in 2017 to exceed tax otherwise due

Legislative Description

An Act To Amend Title 30 Of The Delaware Code Relating To Earned Income Tax Credit.

Last Action

Reported Out of Committee (APPROPRIATIONS) in House with 4 On Its Merits

6/16/2016

Committee Referrals

Appropriations4/12/2016
Revenue & Finance1/20/2016

Full Bill Text

No bill text available