NJ S954

Reduces New Jersey gross income tax rates by 10% total, phased in over three years beginning January 1, 2013, with approximately 3.33% reductions each year through January 1, 2015.

Lowers the top marginal tax rate for income over $500,000 from 8.97% to 8.074% for joint filers and from 8.97% to 8.074% for single filers when fully implemented.

Reduces the lowest tax bracket rate (income up to $20,000) from 1.4% to 1.26% for all filing statuses.

Applies to all individual taxpayers, estates, and trusts filing New Jersey gross income tax returns, with separate rate schedules for joint filers/heads of household and single/separate filers.

Amends N.J.S.54A:2-1, the statutory section governing New Jersey gross income tax rate imposition.