summary
Introduced
02/05/2018
02/05/2018
In Committee
02/05/2018
02/05/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 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 2018, an additional three and one-third percent for taxable years beginning in 2019, and an additional three and one-third percent for taxable years beginning in 2020. After 2020, the bill maintains the total ten percent gross income tax rate reduction for future taxable years.
AI Summary
This bill reduces the gross income tax rates in New Jersey by ten percent over three taxable years, starting in 2018. The purpose is to lower the tax liabilities of all New Jersey gross income taxpayers while tempering the steep progressivity of the tax structure. The rate reductions are scheduled to occur in three equal steps of 3.33 percent per year, so that by 2020 and beyond, the total ten percent reduction will be in place.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 02/05/2018)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/S2000/1536_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S2000/1536_I1.PDF |
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