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Bill > S954

NJ S954

NJ S954
Reduces gross income tax rates by ten percent over three years.

summary

Introduced
01/13/2026
In Committee
01/13/2026
Crossed Over
Passed
Dead

Introduced Session

2026-2027 Regular Session

Bill Summary

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.

AI Summary

This bill amends New Jersey's gross income tax law to gradually reduce tax rates by a total of ten percent over three taxable years, starting with taxable years beginning in 2013 and continuing through 2015, with the reduced rates remaining in effect thereafter. The purpose of this legislation is to lower the overall tax burden on New Jersey residents and to lessen the steepness of the progressive tax structure, meaning higher earners will see their tax rates decrease in stages. The bill specifies that for taxable years beginning in 2013, rates will be reduced by three and one-third percent, with an additional three and one-third percent reduction in 2014, and a final three and one-third percent reduction in 2015, resulting in the full ten percent reduction.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/13/2026)
(3 Companion Bills)

bill text

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2026/S954
BillText https://pub.njleg.gov/Bills/2026/S1000/954_I1.HTM
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