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

This bill revises New Jersey's tax brackets for married couples filing jointly (and similar taxpayers like heads of household), raising the threshold for the lowest tax rate from $20,000 to $40,000 for 2020+ tax years. It directly affects married couples filing jointly by reducing their tax burden on income between $20,000-$40,000 annually, eliminating a previously higher tax rate that disproportionately impacted these filers. The key change updates Section 54A:2-1, subsection (a)(7), shifting the first tax bracket to apply to income under $40,000 (previously $20,000) and adjusting subsequent rates accordingly. This policy change specifically targets the "marriage penalty" where joint filers paid more tax than separate filers at certain income levels.