DOVER, Del.- Legislation introduced to Delaware's legislature would allow some of the state's lowest earners to take advantage of income tax credit but also hike the age for which retirees can take advantage of an exclusion on their pensions.
House Bill 80 would hike the age in which retirees can claim an income exclusion of up to $12,500 on pensions as part of their personal income taxes over a five year basis.
The legislation also modifies Delaware’s Earned Income Tax Credit (EITC) to allow recipients to choose between a non-refundable credit of up to 20 percent of of the value of the corresponding federal EITC or a refundable EITC credit of up to 4.5 percent of the value of the corresponding federal EITC to be applied against their Delaware Personal Income Taxes.
The bill has not yet been scheduled for a committee hearing in Delaware's General Assembly.
