New Jersey bill A5121 increases gross income tax rates for taxpayers with income over $2 million.

New Jersey bill A5121 proposes to increase the gross income tax rates for taxpayers with taxable income exceeding $2 million. The bill introduces graduated tax rates, with a rate of 12% for income over $2 million but not over $5 million, 13% for income over $5 million but not over $10 million, and 14% for income over $10 million. These tax rate increases would take effect for taxable years beginning on and after January 1, 2027. The bill also includes provisions for tax withholding and modifications to existing tax laws.

New Jersey bill A5121 increases gross income tax rates for taxpayers with income over $2 million.

New Jersey bill A5121 proposes to increase the gross income tax rates for taxpayers with taxable income exceeding $2 million. The bill introduces graduated tax rates, with a rate of 12% for income over $2 million but not over $5 million, 13% for income over $5 million but not over $10 million, and 14% for income over $10 million. These tax rate increases would take effect for taxable years beginning on and after January 1, 2027. The bill also includes provisions for tax withholding and modifications to existing tax laws.