Increases gross income tax rates for taxpayers with taxable income exceeding $2,000,000.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases gross income tax rates for taxpayers with taxable income exceeding $2,000,000 in New Jersey. It amends N.J.S. 54A:2-1 to establish new tax tables with graduated rates, applying to income levels above $2 million. The rates increase incrementally for higher income brackets, with a top rate of 14% for income over $10 million. These changes take effect on January 1, 2027.
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Sponsors
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6 on record
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