A1494 — Increase gross income tax rate on income exceeding $1,000,000 for taxable years 2011 and 2012 and expands gross income tax exclusion for pensions, annuities and other retirement income for certain taxpayers beginning in 2011.

A1494 — Increase gross income tax rate on income exceeding $1,000,000 for taxable years 2011 and 2012 and expands gross income tax exclusion for pensions, annuities and other retirement income for certain taxpayers beginning in 2011. · Informed CitizenryThis bill proposes to increase the New Jersey gross income tax rate to 10.75% for taxpayers with taxable income exceeding $1,000,000 for the 2011 and 2012 taxable years. It also provides for the wa…Open in Informed Citizenry