A5121

Increases gross income tax rates for New Jersey taxpayers with taxable income exceeding $2,000,000.

New Jersey A5121 increases gross income tax rates for taxpayers with taxable income exceeding $2,000,000. The bill introduces graduated tax rates for income over $2 million, with rates increasing incrementally for higher income brackets. For instance, income over $2 million but not over $5 million is taxed at 12 percent, while income over $5 million but not over $10 million is taxed at 13 percent. The new rates take effect for taxable years beginning on and after January 1, 2027.