Mentions of “PERSONAL INCOME TAX” — 5 found
… PTION: 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. Assumptions: 1.This Act is effective upon signature by the Governor. The provisions of this Act relating to the …
… 1.This Act is effective upon signature by the Governor. The provisions of this Act relating to the increase in the personal income tax standard deduction are effective for tax years beginning after December 31, 2023. The provisions of this Act relating …
… Income Tax Credit (EITC) are effective for tax years beginning on or after January 1, 2023. 2.This Act increases the personal income tax standard deduction as follows: Filing Status Current Proposed Single $3,250 $5,700 Combined Separate $3,250 $5,700 …
… the refundable EITC provisions for tax years 2021 and 2022. 5.In total, the Department of Finance estimates 370,000 personal income tax filers will see a benefit from this Act. 6.The increase in the standard deduction will result in an estimated $20.6 …
… General Fund revenue in FY 2024 and a $51.3 million decrease in FY 2025. The Department expects approximately 50,000 personal income tax filers will switch to the standard deduction upon implementation. 7.In addition, the Department estimates approxim …