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

S 840 adjusts New Jersey's income tax brackets for married couples filing jointly by raising the threshold for the lowest tax rate from $20,000 to $40,000 annually. This change directly affects middle-income married couples in New Jersey with taxable incomes between $20,000 and $40,000, reducing their tax burden on that income range. The bill is designated as the "Marriage Penalty Elimination Act" to address a situation where married couples sometimes paid higher taxes than single filers with similar incomes. The revised tax brackets apply to tax years beginning in 2022 and beyond.