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In The News

Tax breaks to lift impoverished Wilmington areas are being used to build luxury apartments

From Delaware Online

A new federal program promising lucrative tax breaks to help poor, disinvested neighborhoods is being used by developers to build luxury apartments and hotels in Wilmington’s business districts.

Census tracts designated by Gov. John Carney for the program include the southern portion of the city’s East Side and stretches of its Northeast, which have long struggled with crime, poverty and a crumbling housing stock.

They also include the booming Riverfront and resurgent downtown, which are already seeing a swell of development.

For now, it’s the latter areas that are attracting interest in the program.

Read more:

https://www.delawareonline.com/story/news/2019/05/20/tax-breaks-really-revitalize-poor-wilmington-neighborhoods/3654822002/

Democratic lawmakers push bill to create 2 new top income tax brackets

From Delaware State News

DOVER — A House panel released to the full chamber Wednesday legislation that would create two new top tax brackets.

Currently, all income above $60,000 is taxed at 6.6 percent. House Bill 15 would tax personal income of between $125,000 and $250,001 at 7.1 percent and above $250,000 at 7.85 percent.

As of 2018, 16 states had a top tax bracket that exceeded $60,000, according to the Tax Foundation.

The bill is the latest effort by Rep. John Kowalko, D-Newark, and other Democrats to force higher earners to pay more to state government.

Read more:

https://delawarestatenews.net/news/democratic-lawmakers-push-bill-to-create-2-new-top-income-tax-brackets/