CHAPTER 104
AN ACT TO AMEND TITLE 30, DELAWARE CODE, RELATING TO RATES AND PAYMENT OF PERSONAL INCOME TAX, BY INCREASING CERTAIN TAX RATES AND PROVIDING FOR QUARTERLY PAYMENTS.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Title 30, Section 1111, Delaware Code, is hereby amended by striking out the period at the end thereof and by enacting and inserting in lieu thereof the following words and figures:
but not in excess of $30,000; nine per cent of the amount in excess of $30,000 but not in excess of $50,000; ten per cent of the amount in excess of $50,000 but not in excess of $100,000; eleven per cent of the amount in excess of $100,000.
Section 2. Title 30, Section 1171 (a), Delaware Code, is hereby amended by adding a new paragraph at the end thereof to read as follows:
In the event a taxable has income in excess of $6,000 in any year, other than salaries or wages from which a withholding for the Delaware Income Tax is made, and other than amounts that are exempt from income taxation under Section 1116 of this Title, such taxable shall file with the State Tax Department estimates of income for any such year, with the appropriate amount of tax, as follows:
On or before May 30 for the period January 1, to March 31, and
On or before August 30 for the period April 1 to June 30, and
On or before November 30 for the period July 1 to September 30.
The amount of tax to accompany each such return shall be determined as follows:
11/2% of the first $500 of the Tax Base plus 3% of the next $500 of the Tax Base plus 5% of the next $500 of the Tax Base plus 7% of the next $3,500 of the Tax Base plus 9% of all of the Tax Base in excess of $5,000.
The term "Tax Base" as used in this section shall mean an amount equal to 90% of the estimate of income, other than salaries and wages from which a withholding for Delaware Income Tax is made, and other than amounts that are exempt from income taxation under Section 1116 of this Title, for any quarterly period as set forth in this section, less $156 for the taxable and less an additional $156 for each other exemption allowable under Section 1117 of this Title.
Section 3. Section 2 of this act shall become effective January 1, 1962.
Section 4. Except as otherwise provided herein, this act shall become effective July 1, 1961.
Section 5. The tax due for the calendar year ending December 31, 1961, shall be computed as follows:
(a) The amount of tax shall be computed in accordance with the tax rates in effect immediately prior to the passage of this act.
(b) The amount of tax shall be computed in accordance with the tax rates as set forth in this act.
(c) The tax computed pursuant to (a) shall be subtracted from the tax computed pursuant to (b). The difference shall then be divided in half.
(d) The sum computed pursuant to (c) shall be added to the sum computed pursuant to (a) and this sum shall be the sum due for the calendar year 1961.
Approved June 23, 1961.