CHAPTER 299

RELATING TO RATES OF INCOME TAX

AN ACT AMENDING CHAPTER 11, TITLE 30, DELAWARE CODE, RELATING TO RATES OF INCOME TAX.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. Section 1111, Chapter 11, Title 30, Delaware Code, is hereby repealed and a new section 1111 enacted in lieu thereof to read as follows:

§ 1111. Rates of tax

(a) There shall be levied, assessed, collected and paid annually by every taxable a tax on the net income of the preceding calendar year, subject to the exemptions hereinafter named, to be computed as follows:

One and one-half per cent of the amount of net income not in excess of $1,000; two per cent of the amount of net income in excess of $1,000 but not in excess of $2,000; three per cent of the amount of net income in excess of $2,000 but not in excess of $3,000; four per cent of the amount of net income in excess of $3,000 but not in excess of $4,000; five per cent of the amount of net income in excess of $4,000 but not in excess of $5,000; six per cent of the amount of net income in excess of $5,000 but not in excess of $6,000; seven per cent of the amount of net income in excess of $6,000 but not in excess of $8,000; eight per cent of the amount of net income in excess of $8,000.

(b) Except as otherwise specifically provided in this Act, the effective date of this act shall be January 1, 1957.

Approved December 20, 1957.