Bill
Bill > A4150
NJ A4150
NJ A4150Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.
summary
Introduced
06/02/2022
06/02/2022
In Committee
06/02/2022
06/02/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill increases the benefit amount under the New Jersey Earned Income Tax Credit (EITC) program to 60 percent of the federal benefit amount beginning in Tax Year 2022. The program, which piggy-backs on the federal EITC program, currently provides a refundable tax credit under the New Jersey gross income tax equal to 40 percent of the federal benefit amount. The federal and State EITC programs are meant to provide tax relief to low- to moderate-income workers and families. In most cases, taxpayers must first file for the federal EITC before they can claim the State EITC.
AI Summary
This bill increases the benefit amount under the New Jersey Earned Income Tax Credit (EITC) program to 60 percent of the federal benefit amount beginning in Tax Year 2022. The EITC program, which is tied to the federal EITC program, currently provides a refundable tax credit equal to 40 percent of the federal benefit amount. The federal and State EITC programs are designed to provide tax relief to low- to moderate-income workers and families, and taxpayers must generally file for the federal EITC before claiming the State EITC.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 06/02/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A4150 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A4500/4150_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A4500/4150_I1.PDF |
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