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

This bill adjusts New Jersey's income tax rates for married couples filing jointly (and similar filers like heads of household), primarily by increasing the tax-free threshold. Starting in 2022, the lowest tax bracket applies to taxable income under $40,000 (up from $20,000), meaning married couples earning under this amount pay 1.4% on all income instead of a phased rate. The bill also updates rates for higher income brackets but focuses on reducing the tax burden for middle-income married couples, which is the basis for its "Marriage Penalty Elimination" designation.