- Associated Press - Friday, January 30, 2015

NEW CASTLE, Del. (AP) - A panel exploring how to make Delaware’s revenue portfolio less unpredictable and more reflective of economic conditions is set to examine the state’s personal income tax system.

Friday’s scheduled meeting of the Structural Revenue Review Committee includes a background look at the income tax system, its conformity with the internal revenue code, and how it compares to tax systems in other states.

The panel also will compare the growth in numbers of taxpayers and income to economic indicators.

The panel, which is to submit a report in April, was formed amid concerns that more than half of Delaware’s revenues come from “inelastic” sources that do not respond to changes in Delaware’s economy. Those revenue sources include lottery and gambling, abandoned property collections and bank and corporate franchise taxes.

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