Bill > S3541

This bill, effective immediately, increases the minimum gross income thresholds in New Jersey that require individuals and entities to file a gross income tax return and pay the tax. Specifically, for tax years beginning on or after January 1, 2026, single taxpayers, estates, trusts, and married individuals filing separately will only be required to file if their gross income exceeds $12,000, an increase from the current $10,000 threshold. Similarly, married couples filing jointly, heads of household, and surviving spouses will be required to file if their gross income exceeds $24,000, up from the current $20,000 threshold. These updated thresholds, which have not been adjusted since 2001, aim to provide tax relief by allowing more individuals to earn income without being subject to the State's gross income tax.