NEW JERSEY – In an effort to better support New Jersey’s working families, the Senate Budget and Appropriations Committee advanced legislation Wednesday sponsored by Senate Majority Leader M. Teresa Ruiz which would double the state’s child tax credit.
“This legislation reinforces our commitment to investing in our families and making New Jersey a more affordable state to live and grow. Expanding these tax credits will go a long way in helping to pay for childcare and managing the rising costs of everyday life,” said Majority Leader Ruiz (D-Essex). “I look forward to continuing efforts to bolster our childcare infrastructure and bring resources to our most vulnerable residents.”
The bill, S-3940, would double the amount of the child tax credit currently provided to certain taxpayers with children under the age of six.
Currently, residents making up to $80,000 a year receive anywhere from $100 to $500 per child under six, depending on their income. Under the bill, payments would now range from $200 to $1,000 per child under six.