Provides one-time deduction of $10,000 for certain taxpayers under GIT.

NJ A2657 provides a one-time $10,000 deduction from gross income for specific New Jersey taxpayers in 2020. It directly affects married couples filing jointly (or heads of household/surviving spouses) with taxable income under $250,000, and single filers or married filing separately with income under $125,000. The deduction is added to existing personal exemptions and applies only to the 2020 tax year. This policy change reduces taxable income for qualifying low-to-moderate income households, as specified in the bill's provisions.