Sets flat gross income tax rate at 5.9 percent tax for all taxable income over $37,500 or $75,000, depending on filing status; exempts taxpayers with less income from gross income tax.
Sets flat gross income tax rate at 5.9 percent tax for all taxable income over $37,500 or $75,000, depending on filing status; exempts taxpayers with less income from gross income tax.
Establishes NJ Gross Income Tax EasyFile Program; pilot program to allow Division of Taxation to prepare gross income tax return forms for certain taxpayers.
Consolidates all categories of gross income for cross-claiming of net losses and allows 20 year loss carryforward under New Jersey gross income tax; repeals alternate business income calculation.