Delaware economic experts on Monday predicted a budget surplus of $667.1 million for fiscal year 2024, but warned the state is likely already in a recession that could affect that forecast. During the meeting of the Delaware Economic and Financial Advisory Council, revenue officials said they expected announcements that a recession either started last week or will this week. The …
Photo/Getty Images Buoyed by personal and corporate income taxes, as well as real estate transfer taxes, predicts of Delaware’s 2022 revenues, and therefore its state budget, remain stable.Ā But state fiscal experts expect the financial good times to slow as the state enters its fiscal year 2023 on July 1. With three months left in the 2022 budget, the …
The state is on track to have a huge surplus. Photo by Brian K. Leonard. September 2021 Fueled by stronger than expected corporate and personal income tax, a state committee is now forecasting that Delaware will have an $823.8 million surplus in its 2023 budget. Michael Houghton, chairman of the Delaware Economic and Financial Advisory Council on Monday called …
With Delaware’s revenue surplus holding steady at $1.12 billion, state budget bills dropped into the General Assembly Friday include a one-time $1,000 bonus for state employees and $500 bonus for pensioners. State employee expenses will soar in Fiscal Year 2022, which starts July 1, according to the final expenditure and revenue estimates by members of the Delaware Economic and …
A bill to lower the state’s real estate transfer tax will go to the House of Representatives passed a committee Wednesday. Two Republican bills designed to take advantage of Delawareās flush revenues found different fates Wednesday in the House Revenue and Finance Committee, with one failing to gain traction and the other earning unanimous support. The first was House Bill …
5 Republican bills in the House would reduce income, business taxes because of Delaware’s strong revenues Delaware House Republicans have filed five bills that will cut taxes, saying the state should share its unexpected financial fortune with residents and businesses. Among other things, the bills would cut the state personal income tax by 10%, cut corporate income tax by …
Members of the committees talked about replenishing funds that were used to help weather the COVID-19 pandemic.
Delaware’s major revenue sources are real estate transfer taxes, corporate franchise income, unclaimed property and COVID government benefits.
