A 4427
Indexes for inflation taxable income brackets under New Jersey gross income tax.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill adjusts New Jersey’s income tax brackets for inflation. It modifies the existing tables that determine tax rates based on taxable income, updating the income thresholds and corresponding tax rates to account for changes in the cost of living. The adjustments are based on the national consumer price index, mirroring the federal approach to inflation indexing. This aims to prevent ‘bracket creep’ and ensure that tax rates remain proportionate to income over time.
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