Bill Introduced in Delaware to Lower Current Tax Rate

Legislation has been introduced into the Delaware General Assembly that will lower the current tax rate by .05% for each personal income tax bracket.  The measure also creates a new tax bracket at $125,000 with a rate of 7.05% and an additional bracket at $250,000 with a rate of 7.80%.  Also included, a tiered reduction of the otherwise available itemized deduction based on the individual’s taxable income.  HB 109 is currently in the House Revenue & Finance Committee.