Some Delaware lawmakers are proposing that the state share a portion of its growing revenues with Delaware taxpayers.
The Delaware Economic and Financial Advisory Council recently calculated that state revenues have grown by $429.3- million in the last two months, and projections show revenue growth is expected to stay strong.
Representative Rich Collins, R-Millsboro has proposed a bill (HB 191) that would cut the state personal income tax across the board by ten-percent, trim the corporate income tax by 30-percent, and cut the gross receipts tax by half.
“This is an economic development bill,” Collins said. “In recent years, Delaware has had one of the worst economic growth rates in the nation. I believe allowing people and businesses to keep more of their own money will jumpstart investment, increase employment, and raise starting wages. The state will reap the benefits of this too, as better economic performance produces higher revenue.”
Bills sponsored by Representative Lyndon Yearick, R- Camden / Woodside would eliminate the state’s portion of the realty transfer tax for first-time home buyers who meet income guidelines (HB 172), and would establish a $500 tax credit for lower income Delawareans (HB 158).
“I am committed to supporting our working poor with my bills to reduce the realty tax, create a new tax credit, and increase an existing personal tax credit,” Yearick said. “These proposals encourage work, offset the tax increases we implemented in 2017, and support individuals and families.”
Representative Mike Ramone, R-Pike Creek South is proposing to cut the realty transfer tax by 25-percent to pre-2017 levels (HB 71). He is also sponsoring a bill that would restore the $500 senior real property tax credit that was cut to $400 four years ago (HB 108).
“These bills are two initiatives that I have been relentlessly fighting for over the past few years,” Ramone said. “With an extraordinarily improved revenue picture this year, there should be no reason to delay implementation of either proposal.”