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Bill > A2059
NJ A2059
NJ A2059Revises gross income tax rates for joint filers and similar taxpayers and designated as Marriage Penalty Elimination Act.
summary
Introduced
02/03/2022
02/03/2022
In Committee
02/03/2022
02/03/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Revises gross income tax rates for joint filers and similar taxpayers and designated as Marriage Penalty Elimination Act.
AI Summary
This bill revises the gross income tax rates for joint filers and similar taxpayers, designated as the "Marriage Penalty Elimination Act." The key changes include:
1. Increasing the income threshold for the lowest tax rate (1.4%) from $20,000 to $40,000 for joint filers.
2. Reducing the top marginal tax rate from 10.75% to 8.97% for income over $500,000 for joint filers.
3. Applying the revised tax rates to taxable years beginning on or after January 1, 2020.
The bill aims to eliminate the "marriage penalty" by adjusting the income thresholds and tax rates to provide relief for married couples filing jointly.
Committee Categories
Business and Industry
Sponsors (19)
John DiMaio (R)*,
Edward Thomson (R)*,
Harold Wirths (R)*,
Robert Clifton (R),
Chris DePhillips (R),
Aura Dunn (R),
Kimberly Eulner (R),
Don Guardian (R),
Sean Kean (R),
Antwan McClellan (R),
Greg McGuckin (R),
Nancy Muñoz (R),
Erik Peterson (R),
Marilyn Piperno (R),
Kevin Rooney (R),
Beth Sawyer (R),
Parker Space (R),
Claire Swift (R),
Brandon Umba (R),
Last Action
Motion Table (41-34-0) (Reynolds-Jackson) (on 02/27/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A2059 |
| BillText | https://pub.njleg.gov/Bills/2022/A2500/2059_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A2500/2059_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A2500/2059_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A2500/2059_I1.PDF |
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