New Jersey S4211 increases the allowable earned income tax credit from 40% to 50% of the federal benefit amount.

New Jersey S4211 amends the New Jersey Earned Income Tax Credit program to increase the allowable credit from 40% to 50% of the federal benefit amount. This change applies to tax years beginning on or after January 1, 2026. The New Jersey Earned Income Tax Credit is designed to assist working families, particularly those with low to moderate incomes, by providing a refundable tax credit. The credit is calculated based on a percentage of the federal earned income tax credit, which varies depending on factors such as income, qualifying dependents, and filing status.

New Jersey S4211 increases the allowable earned income tax credit from 40% to 50% of the federal benefit amount.

New Jersey S4211 amends the New Jersey Earned Income Tax Credit program to increase the allowable credit from 40% to 50% of the federal benefit amount. This change applies to tax years beginning on or after January 1, 2026. The New Jersey Earned Income Tax Credit is designed to assist working families, particularly those with low to moderate incomes, by providing a refundable tax credit. The credit is calculated based on a percentage of the federal earned income tax credit, which varies depending on factors such as income, qualifying dependents, and filing status.