Reduces gross income tax rates by ten percent over three years.

This bill would reduce New Jersey's gross income tax rates by 10% over three years, applying a 3.33% reduction each year for taxable years beginning in 2013, 2014, and 2015. It would affect all New Jersey residents who pay state income tax by lowering their tax liabilities across all income brackets. The bill amends N.J.S.54A:2-1 to implement these rate reductions, maintaining the full 10% reduction for future taxable years after 2015. The reduction applies to all filing statuses, including single filers, married couples filing jointly, and heads of household.