Modifies certain tax brackets under gross income tax in New Jersey.

This bill modifies certain tax brackets under the New Jersey gross income tax. It adjusts the income thresholds of the four lowest tax brackets, potentially lowering the marginal tax rate for many low-income and middle-income taxpayers. The changes apply to taxable years beginning on or after January 1, 2022. The bill also includes provisions for withholding tax rates and exemptions for employers.

Modifies certain tax brackets under gross income tax in New Jersey.

This bill modifies certain tax brackets under the New Jersey gross income tax. It adjusts the income thresholds of the four lowest tax brackets, potentially lowering the marginal tax rate for many low-income and middle-income taxpayers. The changes apply to taxable years beginning on or after January 1, 2022. The bill also includes provisions for withholding tax rates and exemptions for employers.