Loading chat...
DE HB89
Bill
Status
4/4/2023
Primary Sponsor
Paul Baumbach
Click for details
AI Summary
-
Increases the standard deduction for resident individuals from $3,250 to $5,700 and for married couples filing jointly from $6,500 to $11,400 for tax years beginning after December 31, 2023.
-
Raises the income filing thresholds for residents: single persons from $9,378 to $11,828 and married couples filing jointly from $15,449 to $20,349, effective with the standard deduction increase.
-
Establishes a 7.5% refundable earned income tax credit (with excess over tax liability being refundable) as an option for tax years beginning on or after January 1, 2023, alongside the existing 20% nonrefundable credit option.
-
Clarifies that a 4.5% refundable earned income tax credit option was effective for tax years beginning on or after January 1, 2021.
Legislative Description
An Act To Amend Title 30 Of The Delaware Code And Chapter 118 Of Volume 83 Of The Laws Of Delaware Relating To Personal Income Taxes.
Last Action
Amendment SA 2 to HB 89 - Introduced and Placed With Bill
6/21/2023