Sponsored by:
Assemblywoman VERLINA REYNOLDS-JACKSON
District 15 (Hunterdon and Mercer)
Assemblyman ROY FREIMAN
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Assemblywoman SADAF F. JAFFER
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Assemblyman PAUL D. MORIARTY
District 4 (Camden and Gloucester)
Assemblywoman GABRIELA M. MOSQUERA
District 4 (Camden and Gloucester)
Assemblyman BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
Assemblywoman BRITNEE N. TIMBERLAKE
District 34 (Essex and Passaic)
Co-Sponsored by:
Assemblymen Benson, Stanley, Assemblywomen Jasey, Park, Speight, Lopez, Assemblyman McKeon, Assemblywomen McKnight and Murphy
SYNOPSIS
Provides for child tax credit to be available in Tax Year 2022.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the child tax credit and amending P.L.2022, c.24.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 2 of P.L.2022, c.24 is amended to read as follows:
2. [This act] P.L.2022, c.24 shall take effect immediately and shall apply to taxable years beginning on and after January 1, [2023] 2022.
(cf: P.L.2022, c.24, s.2)
2. This act shall take effect immediately.
STATEMENT
This bill revises the effective date of P.L.2022, c.24, which established the State’s child tax credit. The bill provides that the provisions of P.L.2022, c.24 are to apply to taxable years beginning on and after January 1, 2022.
The child tax credit allows a refundable gross income tax credit of $500 for each child of a resident taxpayer if the taxpayer’s income is $30,000 or less. The $500 amount is reduced by $100 for every $10,000 of income that the taxpayer’s taxable income exceeds $30,000 until the taxpayer’s income reaches $80,000.