House Bill 89 will increase the standard deduction for personal income taxes by 75% to $5,700 for an individual ($11,400 for couples) in the 2024 tax year, and raising the state’s Earned Income Tax Credit to 7.5% of the federal credit, beginning in the current tax year. It has been released from Committee and will be considered on the floor of the House today.
| House Bill 89 | Currrent Status – Out of Committee 3/30/23 |
| House Sponsors – Baumbach, Schwartzkopf, Longhurst, Minor-Brown, Bolden, Chukwuocha, Dorsey Waler, Griffith, Johnson, Williams // Smith | Senate Sponsors – Sokola, Townsend, Lockman, Hansen, Huxtable // Hocker |
| House Yes Votes – | Senate Yes Votes – |
| House No Votes – | Senate No Votes – |
| House Absents or Not Voting – | Senate Absent or Not Voting – |
Governor John Carney: “[This bill] “help thousands of working families in Delaware lift take-home pay — and help pay for child care, education, medical bills, and other expenses that we know can grow each year. [This legislation will] provide a real benefit for the middle class.”
State Representative Paul Baumbach: “Taken together, these changes will put more money in the pockets of working Delawareans at a time they most need this assistance. The standard deduction increase is designed to catch up to years of inflation and will provide welcome relief to many middle-income Delaware families.”
Baumbach said proposed changes would also simplify the tax filing process for hundreds of thousands of Delaware residents.
0 comments on “HB 89 – Increasing the Standard Deduction for Personal Income Tax”