New Jersey A3817 increases the State child tax credit and revises income and age eligibility criteria.

New Jersey A3817 increases the State child tax credit and revises income and age eligibility criteria. The bill raises the credit by $1,600 for taxpayers with children under age six and provides a credit between $1,200 and $2,000 for those with children ages six to 11. It also raises the income limit at which the credit is completely phased out from $80,000 to $100,000. The bill ensures that the credit is not considered income for determining eligibility for State benefits and requires the Division of Taxation to report data on the credit annually.

New Jersey A3817 increases the State child tax credit and revises income and age eligibility criteria.

New Jersey A3817 increases the State child tax credit and revises income and age eligibility criteria. The bill raises the credit by $1,600 for taxpayers with children under age six and provides a credit between $1,200 and $2,000 for those with children ages six to 11. It also raises the income limit at which the credit is completely phased out from $80,000 to $100,000. The bill ensures that the credit is not considered income for determining eligibility for State benefits and requires the Division of Taxation to report data on the credit annually.