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DE HB278
Bill
Status
1/6/2022
Primary Sponsor
Richard Collins
Click for details
AI Summary
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Adds annual adjustment mechanism to Delaware personal income tax brackets based on Consumer Price Index changes for urban consumers measured over the 12-month period ending June 30 of the preceding tax year
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Prevents "bracket creep" by ensuring tax brackets increase along with cost-of-living adjustments rather than subjecting workers to higher effective tax rates due to nominal wage increases
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Effective for tax years beginning after December 31, 2022
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Requires the Secretary of Finance to implement necessary rules and regulations for computing the adjustments
Legislative Description
An Act To Amend Title 30 Of The Delaware Code Relating To Personal Income Taxes.
Last Action
Introduced and Assigned to Revenue & Finance Committee in House
1/6/2022