TRENTON – Governor Phil Murphy today signed S-3046/A-4640, amending the effective dates for a previously signed bill regarding state child tax credits. The original bill, S-2523, was scheduled to take effect for the 2023 tax year, making credits available to taxpayers in 2024.
The bill signed today pushes that schedule forward, allowing for the tax credit to take effect for the 2022 tax year and for credits to become available to taxpayers in 2023.
“Making New Jersey more affordable for our families has been one of my highest priorities since day one,” said Governor Murphy. “Tax relief is critically important and this amendment will put money into the pockets of families as early as next year. I look forward to our continued progress in making New Jersey stronger, fairer, and more affordable for all of our residents.”
The child tax credit program, estimated to be a $100 million state revenue loss for FY 2023, is available to New Jersey taxpayers with incomes of up to $80,000 and is broken down as follows:
- Resident households with an income of $30,000 or less will receive a refundable gross income tax credit of $500 for each child
- Resident households with an income of $30,000 to $40,000 will receive a refundable gross income tax credit of $400 for each child
- Resident households with an income of $40,000 to $50,000 will receive a refundable gross income tax credit of $300 for each child
- Resident households with an income of $50,000 to $60,000 will receive a refundable gross income tax credit of $200 for each child
- Resident households with an income of $60,000 to $80,000 will receive a refundable gross income tax credit of $100 for each child
“This will make the lives of working families more affordable and more manageable,” said Senate President Nick Scutari. “It will provide direct tax relief as quickly as possible to help families during challenging economic conditions. The child tax credit is part of our ongoing commitment to tax relief, financial assistance and affordability for the people of New Jersey.”
“As we work to make New Jersey more affordable, one of the best and most meaningful investments we can make is into our working families,” said Assembly Speaker Craig J. Coughlin. “With a new state child tax credit being delivered as intended – directly and this year – New Jersey families can rest assured that the relief they need, at a time when rising costs have stretched budgets, will be there.”
