Gottheimer announces new action to make childcare more affordable
Passes Expanded Child Tax Credit
NEW JERSEY — Gottheimer Monday announced new action in Congress to make life more affordable for Jersey families.
Gottheimer urged the Senate to immediately vote on bipartisan legislation he just helped pass out of the House to expand the Child Tax Credit, which will help pay for childcare, food, and other costs, making raising a child in Jersey more affordable.
The legislation will also provide tax cuts for small businesses, like research and development, and it includes a tax credit to make housing more affordable for Jersey families.
Gottheimer also highlighted an anticipated vote on a new bill to raise the State and Local Tax, or SALT, cap — helping stop double taxation, and lower taxes for millions of middle-class Jersey residents. This bipartisan legislation will double the SALT deduction for married couples in 2023 from $10,000 to $20,000. Come 2025, in less than two years, the entire SALT deduction will come back.
“Last week, in Congress, we took steps toward expanding the Child Tax Credit, which will help pay for child care, food, and other costs, making raising a child in Jersey more affordable. It’s key to our children’s success, parents’ ability to work, and to the success of our economy. Now, it’s up to the Senate to vote on and pass this critical legislation and get it to the President’s desk,” Gottheimer said.
“In the coming days, we’ll be taking more action in Congress on the tax cut front. We’ll be voting on new legislation to raise the SALT cap which will help stop double taxation, and lower taxes for millions of middle-class Jersey residents – for teachers, for nurses, for police and firefighters, for the hard-working men and women of labor. Come 2025, in less than two years, we’re on our way to the entire SALT deduction coming back – and that means lower taxes for hardworking, middle-class Jersey families,” Gottheimer said.
New Bipartisan Legislation to Expanded Child Tax Credit
- Increases the maximum refundable portion of the Child Tax Credit from $1,600 in 2023 to $1,800 in 2023, $1,900 in 2024, and the full credit in 2025.
- Adjusts the $2,000 maximum per Child Tax Credit for inflation.
- Applies the credit’s phase-in rate on a per-child basis, helping larger families afford the higher costs.
- Offers a one-year income “lookback” provision to create flexibility for families to use either current- or prior-year income to calculate their credit.
New Bipartisan Legislation to Increase the SALT Cap:
- Will double the SALT deduction for married couples in 2023 – from $10,000 to $20,000
- For Gottheimer, the proposed amount of SALT relief will not be acceptable long term. Instead, he will continue to demand restoration of the full deduction when the current one expires at the end of 2025.
- For now, this legislation helps make life more affordable for Jersey families.
Gottheimer was joined by Fort Lee Mayor Mark Sokolich and Pre-K Teacher Rosemarie Van Tine of the First Step Nursery School and Day Care Center.
