Bill > S3674

This bill provides a child tax credit for taxpayers with children ages 6 to 11 and increases the amount of the credit for taxpayers with children under 12 over a period of two years. Specifically, the bill: 1. Extends the child tax credit to children up to age 12 (previously it was only for children under 6). 2. Increases the credit amounts for children under 6 from $200-$750 (in 2023-2024) to $300-$1,000 (in 2025 and beyond), depending on the taxpayer's income level. 3. Provides a new credit of $100-$600 for children ages 6 to 11, also varying based on income, starting in 2023. 4. Allows the credit to be claimed regardless of whether the taxpayer uses a Social Security number or an Individual Taxpayer Identification Number. 5. Provides that the credit can be refunded if it exceeds the taxpayer's tax liability. The goal of the bill is to provide more financial support to families with school-aged children.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2022/S3674