Bill > A1053

Introduced Session

The bill reduces gross income tax rates by ten percent over three taxable years. The purpose of this bill 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.

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Dawn Fantasia (R)*,  Paul Kanitra (R)*,  Greg McGuckin (R)*,  Michael Inganamort (R),  Sean Kean (R),  Nancy Muñoz (R),  Claire Swift (R),  Jay Webber (R), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document