CHAPTER 394

FORMERLY

HOUSE BILL NO. 765

AN ACT TO AMEND CHAPTER 11, TITLE 30 OF THE DELAWARE CODE RELATING TO THE REDUCTION OF PERSONAL INCOME TAX RATES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Section 1102, Chapter II, Title 30 of the Delaware Code by inserting In paragraph (3), of subsection (a) thereof, following the words "December 31, 1985," and before the words "the amount of tae, the words "and before January 1, 1987.".

Section 2. Amend Section 1102, Chapter 11, Title 30 of the Delaware Code by adding to subsection (a) thereof a new paragraph (4) to read as follows:

"1.0% of the amount of taxable Income not in excess of $1,000; 1.4% of the amount of taxable income In excess of $1,000, but not In excess of $2,000; 2.3% of the amount of taxable income In excess of $2,000, but not In excess of $3,000; 3.2% of the amount of taxable income In excess of $3,000, but not in excess of $4,000; 3.9% of the amount of taxable income in excess of $4,000, but not In excess of $5,000: 4.6% of the amount of taxable income in excess of $5,000, but not in excess of $6,000; 5.4% of the amount of taxable Income In excess of $6,000, but not In excess of $8,000; 6.0% of the amount of taxable income In excess of $8,000. but not In excess of $10,000; 6.1% of the amount of taxable income in excess of $10,000, but not in excess of $15,000; 6.3% of the amount of taxable income in excess of $15,000, but not in excess of $20,000; 6.5% of the amount of taxable income In excess of $20,000, but not in excess of $25,000; 7.0% of the amount of taxable income in excess of $25,000, but not In excess of $30,000; 8.2% of the amount of taxable Income in excess of $30,000, but not In excess of $40,000; 8.8% of the amount of taxable income In excess of $40,000."

Section 3. Amend Section 1102, Chapter 11, Title 30 of the Delaware Code by striking from subsection (c) thereof the phrase "paragraph (3)" and substituting in lieu thereof the phrase "paragraph (4)".

Section 4. Amend Section 1102, Chapter II, Title 30 of the Delaware Code by striking In its entirety the final sentence of subsection (c) and substituting In lieu thereof the following:

"In the event of any revocation of the tax rates established by paragraph (4) of subsection (a) of this Section, the following rates shall become effective:

"1.0% of the amount of taxable Income not in excess of $1,000; 1.4% of the amount of taxable Income In excess of $1,000, but not In excess of $2,000; 2.3% of the amount of taxable income In excess of $2,000, but not in excess of $3,000; 3.2% of the amount of taxable Income in excess of $3,000, but not In excess of $4,000: 3.9% of the amount of taxable income In excess of $4,000, but not In excess of $5,000; 4.6% of the amount of taxable income In excess of $5,000, but not in excess of

$6,000; 5.4% of the amount of taxable income In excess of $6,000, but not in excess of $8,000; 6.0% of the amount of taxable Income in excess of $8,000, but not in excess of $10,000: 6.1% of the amount of taxable income In excess of $10,000, but not In excess of $15,000: 6.3% of the amount of taxable income In excess of $15,000, but not In excess of $20,000; 6.5% of the amount of taxable income in excess of $20,000, but not in excess of $25,000; 7.0% of the amount of taxable income in excess of $25,000, but not In excess of $30,000; 8.2% of the amount of taxable income in excess of $30,000, but not In excess of $40,000; 9.1% of the amount of taxable income in excess of $40,000, but not In excess of $50,000: 10.1% of the amount of taxable income in excess of $50,000."

Approved July 2, 1986.