New Jersey A5121: Taxpayers-increase gross income tax rates for taxable income exceeding $2M

What the bill says

An Act increasing gross income tax rates for taxpayers with taxable income exceeding $2,000,000 and amending N.J.S.54A:2-1.

From the introduced text, May 18, 2026:

An Act increasing gross income tax rates for taxpayers with taxable income exceeding $2,000,000 and amending N.J.S.54A:2-1. Be It Enacted by the Senate and General Assembly of the State of New Jersey: 1. N.J.S.54A:2-1 is amended to read as follows: 54A:2-1. Imposition of tax. There is hereby imposed a tax for each taxable year (which shall be the same as the taxable year for federal income tax purposes) on the New Jersey gross income as herein defined of every individual, estate or trust (other than a charitable trust or a trust forming part of a pension or profit-sharing plan), subject to the deductions, limitations and modifications hereinafter provided, determined in accordance with the following tables with respect to taxpayers' taxable income: a. For married individuals filing a joint return and individuals filing as head of household or as surviving spouse for federal income tax purposes: (1) for taxable years beginning on or after January 1, 1991 but before January 1, 1994: If the taxable income is: The tax is: Not over $20,000.00.......... 2% of taxable income Over $20,000.00 but not over $50,000.00........ $400.00 plus 2.5% of the excess over $20,000.00 Over $50,000.00 but not over $70,000.00........ $1,150.00 plus 3.5% of the excess over $50,000.00 Over $70,000.00 but not over $80,000.00........ $1,850.00 plus 5.0% of the excess over $70,000.00 Over $80,000.00 …

Read the full official text

Sponsors

• Katie Brennan (D, 32) · primary sponsor
• Michael Venezia (D, 34) · primary sponsor
• Shama A. Haider (D, 37)
• Ravi S. Bhalla (D, 32)
• Verlina Reynolds-Jackson (D, 15)
• Alixon Collazos-Gill (D, 27)
• Ed Rodriguez (D, 20)

Latest actions

1. May 18, 2026: INT 1RA REF ASL

Common questions

What is A5121?

A5121 is a bill in the New Jersey Legislature (2026-2027 Regular Session): Taxpayers-increase gross income tax rates for taxable income exceeding $2M.

What does A5121 do?

In its own words: An Act increasing gross income tax rates for taxpayers with taxable income exceeding $2,000,000 and amending N.J.S.54A:2-1.

What is the status of A5121?

In committee as of May 18, 2026. Latest action: INT 1RA REF ASL (May 18, 2026).

Who sponsored A5121?

Katie Brennan (D, 32), with 6 co-sponsors.

Where is the official record for A5121?

On the New Jersey Legislature website: https://www.njleg.state.nj.us/bill-search/2026/A5121