Bill > S525

This bill reduces the gross income tax rates in New Jersey by ten percent over three taxable years. The purpose is to lower the gross income tax liabilities of all New Jersey gross income taxpayers while tempering the steep progressivity of the gross income tax liability structure. The bill schedules the gross income tax rate reductions to occur at three and one-third percent for taxable years beginning in 2013, an additional three and one-third percent for taxable years beginning in 2014, and an additional three and one-third percent for taxable years beginning in 2015. After 2015, the bill maintains the total ten percent gross income tax rate reduction for future taxable years.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/S525