<mediadc-video-embed data-state="{"cms.site.owner":{"_ref":"00000161-3486-d333-a9e9-76c6fbf30000","_type":"00000161-3461-dd66-ab67-fd6b93390000"},"cms.content.publishDate":1656594294723,"cms.content.publishUser":{"_ref":"0000017c-2d8e-d3f3-a7fc-7ffef6720000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"cms.content.updateDate":1656594294723,"cms.content.updateUser":{"_ref":"0000017c-2d8e-d3f3-a7fc-7ffef6720000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"rawHtml":"
var _bp = _bp||[]; _bp.push({ "div": "Brid_56594126", "obj": {"id":"27789","width":"16","height":"9","video":"1042573"} }); ","_id":"00000181-b4b6-d447-ad8b-f4f6cafc0000","_type":"2f5a8339-a89a-3738-9cd2-3ddf0c8da574"}”>Video EmbedThe New Jersey legislature has voted to approve a $500 tax credit for families with children.
The bill, which was passed during the state’s current budget session, creates the New Jersey Child Tax Credit Program and offers a refundable tax credit of up to $500 per year for each child under the age of 6 to families earning up to $30,000 a year. Families earning up to $80,000 a year will be eligible for $300 checks per child under 6.
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“It helps New Jerseyans live in place and work to raise a family,” Assemblywoman Verlina Reynolds-Jackson, one of the bill’s main sponsors, said before the vote on the bill. “The child tax credit directly provides assistance to families without the necessity of submitting additional applications.”
While Republicans were critical of the bill’s expediency and whether restricting it to only children 6 or younger was wise, the proposal passed 31-6 in the Senate and 76-2 in the General Assembly on Wednesday. It now sits on New Jersey Gov. Phil Murphy’s desk, and he is expected to sign it into law.
The tax refunds would be applied automatically, unlike the federal expanded child tax credit, according to Reynolds-Jackson. The state tax credit is expected to replace the federal child tax credit in the Biden administration’s coronavirus relief legislation passed in 2021.
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The program will have an annual cost of $134.7 million to $156.3 million, according to a state fiscal analysis released on Monday. An estimated 180,700 children under the age of 6 would be eligible for a full $500 credit, while 99,500 would be eligible for $300 or less.
