Bill
Bill > A2934
summary
Introduced
02/20/2020
02/20/2020
In Committee
02/20/2020
02/20/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill re-establishes 6.37 percent as the top gross income tax rate. Over the last decade, several income tax increases were targeted at the State's most productive individuals, families, and small-business owners, causing many within that same tax base to relocate their residence out-of-State. The bill re-establishes the top gross income tax rate to 2004 levels as an initial step toward retaining the talents and contributions of some of the State's most productive citizens.
AI Summary
This bill re-establishes 6.37 percent as the top marginal gross income tax rate, which had been increased over the last decade, causing many of the state's most productive individuals, families, and small-business owners to relocate out of state. The bill aims to retain the talents and contributions of these taxpayers by restoring the top rate to 2004 levels as an initial step.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced, Referred to Assembly Appropriations Committee (on 02/20/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/A3000/2934_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A3000/2934_I1.PDF |
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