summary
Introduced
06/20/2022
06/20/2022
In Committee
06/20/2022
06/20/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill modifies certain tax brackets under the New Jersey gross income tax. Specifically, the bill modifies the income thresholds of the four lowest tax brackets so that many low-income and middle-income taxpayers would be eligible for a lower marginal tax rate. In recent months, record-high inflation has made it more difficult for Americans to afford food, gas, and other critical goods and services. This bill would help New Jerseyans weather this surge in prices by allowing them to keep more of their hard-earned money.
AI Summary
This bill modifies certain tax brackets under the New Jersey gross income tax. Specifically, it changes the income thresholds of the four lowest tax brackets so that more low-income and middle-income taxpayers will be eligible for a lower marginal tax rate. This change aims to help New Jerseyans weather the current high-inflation period by allowing them to keep more of their hard-earned money. The bill takes effect immediately and applies to taxable years beginning on or after January 1, 2022.
Committee Categories
Business and Industry
Sponsors (5)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 06/20/2022)
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/A4324 |
| BillText | https://pub.njleg.gov/Bills/2022/A4500/4324_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A4500/4324_I1.PDF |
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