• Views: in the last
  • 23Week
  • 17Month
  • 156Total


  • NJ A40
  • Increases New Jersey Earned Income Tax Credit to 40 percent of federal benefit amount beginning in Tax Year 2016.
Introduced
(3/3/2016)
In Committee
(4/21/2016)
Crossed Over
(3/14/2016)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill increases the New Jersey Earned Income Tax Credit (NJ EITC) to 40 percent of the federal benefit amount beginning in Tax Year 2016. The NJ EITC program, which piggy-backs on the federal EITC program, currently provides a refundable earned income tax credit under the State gross income tax equal to 30 percent of the federal benefit amount. The federal and State EITC programs are intended to "make work pay" by offsetting the burden of payroll taxes for low and moderate income workers. To claim a credit, taxpayers must first file for the federal EITC. Eligibility for the program is determined by taxpayer income, filing status, and the number of qualifying children. For Tax Year 2016, the Internal Revenue Service has indicated, the following program limits: Maximum Income Eligibility Levels If filing ... Qualifying Children Claimed Zero One Two Three or more Single, Head of Household or Widowed $14,880 $39,296 $44,648 $47,955 Married Filing Jointly $20,430 $44,846 $50,198 $53,505 According to the New Jersey Department of the Treasury, it is estimated that some 552,900 taxpayers claimed a credit during TY 2014, the most recent year for which data are available. Based on available federal Internal Revenue Service data, it is estimated that under the bill, the average NJ EITC benefit amount will increase by $255, from $708 in TY 2015 to approximately $963 in TY 2016.
2nd Reading in the Assembly, Budget and Appropriations, Passed Assembly
Received in the Senate, Referred to Senate Budget and Appropriations Committee  (on 4/21/2016)
 
 

Date Chamber Action Description
4/21/2016 S Received in the Senate, Referred to Senate Budget and Appropriations Committee
3/14/2016 A Passed by the Assembly (51-22-4)
3/7/2016 A Reported out of Assembly Committee, 2nd Reading
3/7/2016 Assembly Appropriations Hearing (13:00 3/7/2016 Committee Room 11, 4th Floor)
3/3/2016 A Introduced, Referred to Assembly Appropriations Committee
Date Motion Yea Nay Other
Detail 3/14/2016 Assembly Floor: Third Reading - Final Passage 51 22 7
Detail 3/7/2016 Assembly Appropriations Committee: Reported Favorably 8 2 1