Lawmakers have approved LEGISLATION that would provide qualified Americans with a $ 500 child tax credit.
The New Jersey Budget Committees for the Senate and the Assembly approved the Assembly Act 3852.
After the end of the increased federal child tax credit, which ended last year, some states, such as New Jersey, began offering their own child tax credit.
Nicole Rodriguez, president of the New Jersey Policy Perspective, said in a statement: “New Jersey will become a more affordable place to start and grow a family thanks to the newly created state office Child Tax Credit, which will return hundreds of dollars to the company’s pockets. families with young children. “
According to the proposal, households with an income of $ 80,000 or less are entitled to a child tax credit.
According to a statement issued online by the Committee on Budgets, $ 500 will be provided to those with less than $ 30,000 in income. Meanwhile, residents will receive a $ 400 credit if their taxable income exceeds $ 30,000 but does not exceed $ 40,000.
If approved, it will enter into force immediately and will be applicable for tax years beginning on or after 1 January 2023.
Read our live blog on child tax rebates for the latest news and updates…
California Tax Discount for a Child
Low-income California residents could be eligible for a California income tax credit (CalEITC).
People with children under the age of six could also be entitled to a small child tax bonus.
Families with less than $ 25,000 can earn up to $ 1,000, while families with less than $ 30,000 can receive reduced credit.