NJ S1557

Bill

Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.

Introduced
01/09/2024

In Committee
01/09/2024

Crossed Over

Passed

Dead
01/12/2026

Introduced Session

2024-2025 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 New Jersey Earned Income Tax Credit (EITC) program's benefit amount from 40% to 60% of the federal EITC amount for taxable years beginning on or after January 1, 2022. The EITC is a tax relief program for low- to moderate-income workers and families that is tied to the federal EITC, meaning individuals generally must qualify for the federal credit to receive the state credit. The bill amends existing law to reflect this increase, which is intended to provide greater financial assistance to eligible New Jersey residents.

Committee Categories

Budget and Finance

Sponsors (1)

Shirley Turner (D)*,

Last Action

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)

Official Document

https://www.njleg.state.nj.us/bill-search/2024/S1557

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2024/S1557
BillText	https://pub.njleg.gov/Bills/2026/S2000/1557_I1.HTM
BillText	https://pub.njleg.gov/Bills/2024/S2000/1557_I1.HTM

Bill	Bill Name	Last Action	Type
A3425	Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.	Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee	Same As
A4150	Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.	Introduced, Referred to Assembly Commerce and Economic Development Committee	Carry Over
S2618	Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.	Introduced in the Senate, Referred to Senate Budget and Appropriations Committee	Carry Over

Bill > S1557

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary