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

This bill (S 525) reduces New Jersey's individual income tax rates by 10% across all income brackets, effective over three years. It directly affects all New Jersey residents who pay state income tax by lowering their tax burden. The key mechanism is amending the state tax code (N.J.S.54A:2-1) to adjust tax tables, decreasing rates for every income level - such as reducing the top rate from 8.97% to approximately 8.07% for high earners. The reduction applies incrementally to taxable years beginning in 2024, 2025, and 2026.