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.

This bill would change New Jersey's income tax system to a flat tax rate of 5.9% for taxable income over specific thresholds. For single filers, married individuals filing separately, and estates/trusts, the tax would apply to income over $37,500. For married couples filing jointly, heads of household, and surviving spouses, the tax would apply to income over $75,000. Taxpayers with income below these thresholds would not owe any income tax under this bill. This would replace New Jersey's current progressive tax system, which has rates ranging from 1.4% to 10.75% across multiple income brackets.