Bill > A276

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. Specifically, the tax rates will be lowered by 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 a final three and one-third percent for taxable years beginning in 2015, with these reduced rates remaining in effect for all subsequent taxable years. The purpose of this legislation is to decrease the amount of gross income tax paid by all New Jersey taxpayers and to lessen the steepness of the progressive tax structure, which means higher earners pay a proportionally higher tax rate. The bill specifies these rate reductions by introducing new tax tables for different filing statuses and income brackets, which will apply to taxable years beginning on or after January 1, 2013.