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NJ S4930
Bill
Status
12/4/2025
Primary Sponsor
Carmen Amato
Click for details
AI Summary
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Establishes a flat 5.9% gross income tax rate beginning January 1, 2026, replacing the current progressive bracket system with rates ranging from 1.4% to 10.75%
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Applies the 5.9% rate only to taxable income exceeding $75,000 for married joint filers, heads of household, and surviving spouses
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Applies the 5.9% rate only to taxable income exceeding $37,500 for single filers, married individuals filing separately, and estates/trusts
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Exempts taxpayers entirely from gross income tax if their income falls below the applicable threshold ($37,500 or $75,000 depending on filing status)
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Raises the current tax-free income threshold from $10,000 to $37,500 for single/separate filers and from $20,000 to $75,000 for joint filers
Legislative Description
Sets flat gross income tax rate at 5.9 percent tax for all taxable income over $37,500 or $75,000, depending on filing status; exempts taxpayers with less income from gross income tax.
Budget and Appropriations
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee
12/4/2025