Gov. Phil Murphy on Tuesday signed a bill accelerating tax credits under New Jersey’s new child tax credit.
The legislation fixes an error in the bill, signed into law in June, that would have delayed the tax credits until 2024. Parents can now receive the credits when filing their taxes for the current year.
“Tax relief is critically important and this amendment will put money in the pockets of families starting next year,” the governor said in a statement. “I look forward to our continued progress in making New Jersey stronger, fairer and more affordable for all of our residents.”
The law provides for a refundable tax credit of up to $500 for each child under six. The level of credit is based on the filer’s income. Those earning $30,000 or less per year receive the full $500 credit. The credit is only $100 for those earning between $60,000 and $80,000.
Introduced in response to the steep price increases for consumers seen for much of last year, lawmakers rushed the bill to Murphy’s office in June, even as MP Hal Wirths (R-Warren) warned that a drafting error in the legislation would delay appropriations by more than a year.
The result was never in doubt. The day after the bill was signed, Murphy, in a joint statement with Senate Speaker Nicholas Scutari, Assembly Speaker Craig Coughlin and his sponsors, Senate Majority Leader Teresa Ruiz and Congresswoman Verlina Reynolds -Jackson, said they would clarify the law.
“We are delivering on the promise we made to provide much-needed financial assistance to families in a timely manner,” Ruiz said in a statement.
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