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.

New Jersey's S 4930 would replace the current progressive income tax system with a flat 5.9% tax rate for all taxable income above $37,500 (for single filers) or $75,000 (for married couples filing jointly). Taxpayers earning below these thresholds would pay no state income tax. The bill simplifies the tax structure by eliminating multiple tax brackets for higher earners, applying the same rate to all income above the exemption levels. This change would directly affect New Jersey residents with taxable income exceeding these thresholds, while exempting lower-income taxpayers.