Revises gross income tax rates for joint filers and similar taxpayers and designated as Marriage Penalty Elimination Act.

Summary

The bill revises New Jersey’s gross income tax tables for married couples filing jointly (and similar taxpayers) by adjusting rates and income brackets. It also updates the tables for those filing separately, single, and for estates and trusts. The changes are phased across historic periods and introduce a new $40,000 threshold in 2020 to reduce the marriage penalty.

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