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DE HB14
Bill
Status
Introduced
12/13/2018
Primary Sponsor
John Kowalko
Click for details
AI Summary
- Creates two new tax brackets effective for taxable years beginning after December 31, 2019: 7.10% on income between $125,000 and $250,000, and 7.85% on income exceeding $250,000
- Limits the previous tax bracket of 6.6% to income between $60,000 and $125,000 (previously applied to all income over $60,000)
- Implements tiered reduction of itemized deductions based on adjusted gross income: 20% reduction for income over $125,000 to $160,000, increasing to 100% reduction for income exceeding $250,000
- Applies itemized deduction reductions to individuals who do not itemize deductions on federal returns by allowing them to deduct what they would have been entitled to claim, then reducing by the applicable percentage
Legislative Description
An Act To Amend Title 30 Of The Delaware Code Relating To Personal Income Tax.
Last Action
Introduced and Assigned to Revenue & Finance Committee in House
12/13/2018
Committee Referrals
Revenue & Finance12/13/2018
Full Bill Text
No bill text available