Promoting Patriotism, Integrity & Conservative Values
Bills regarding Economics/Taxes
Tracking the following Legislation of significant interest:
Bill: HB 233
Title: AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO PERSONAL INCOME TAX.
Status: 6/16/23 Introduced and Assigned to Revenue & Finance Committee in House.
Sponsor: Michael Ramone
Synopsis: This Act raises the minimum income to be subject to income tax from $2,000 to $2,500. Also, the current 6 income tax brackets are collapsed into 3 brackets, each with a slightly reduced tax rate for most taxpayers.
URL: https://legis.delaware.gov/BillDetail?LegislationId=140628
Bill: HB 234
Title: AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE ELDERLY PROPERTY TAX RELIEF AND EDUCATION EXPENSE FUND.
Status: 6/16/23 Introduced and Assigned to Administration Committee in House.
Sponsor: Michael Ramone
Synopsis: This Act amends the Senior Tax Credit to $1000 for Real Property valued less than $500,000, $500 for Real Property valued between $500,000 and $1,000,000. This Credit will not be extended to Real Property valued above $1,000,000.
URL: https://legis.delaware.gov/BillDetail?LegislationId=140629
Bill: HB 128
Title: AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO PERSONAL INCOME TAX.
Status: 5/17/23 Reported Out of Committee (Revenue & Finance) in House with 3 Favorable, 3 On Its Merits and now placed on the House Ready List. 4/21/23 Introduced and Assigned to Revenue & Finance Committee in House.
Sponsor: Paul S. Baumbach
Synopsis: This Act creates the following new tax brackets for taxable years after December 31, 2023. ... More
URL: https://legis.delaware.gov/BillDetail?LegislationId=130232
Bill: SB 94
Title: AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO EMPLOYER CONTRIBUTIONS TO DEFERRED COMPENSATION.
Status: 5/17/23 Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 2 Favorable, 6 On Its Merits. 5/17/23 Assigned to Finance Committee in Senate.
Sponsor: Paradee
Synopsis: The State of Delaware previously offered an employer match for state employee contributions to the deferred compensation program. The purpose of the match was to help state employees save and build wealth for retirement and to enable state government to recruit and retain talent by offering a valuable retirement savings benefit. ...More
URL: https://legis.delaware.gov/BillDetail?LegislationId=130198
Bill: HB 36
Title: AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO THE REALTY TRANSFER TAX.
Status: House Appropriations 1/27/23
Sponsor: William Bush
Synopsis: This Act decreases by 1% the rate of the realty transfer tax to be received by the State, thereby re...More
Michele's suggestion: Why not exempt sellers that are leaving the state from this tax?
March 2023 issue - article on retirement - don't over look state Taxes Beware Delaware is not the most tax friendly. While the article is correct on income and real estate taxes it misses the transfer tax, a whopping 4% of the purchase price, payable half each by seller and buyer. For a purchase of a $500,000 home, this translates to $10,000 addition to the closing costs not only on the way into DE residency but again on sale. Assuming the price of the home didn’t move that means over the term of residency a $20,000 tax will be paid by the seller that is not deductible against income – only against the profit if any. Coupled with the looming reassessment for real estate taxes, that will raise real estate taxes for any resident whose home value has increased over the last ten years will face a big increase. These two taxes put Delaware down the list and certainly far from #1. A bill pending before the 2023 legislature to reduce the tax by 1% does not seem to have support by the majority in the legislature even though the state coffers are filled with a multibillion dollar surplus. Buyer beware. Michele Forzley