A4129

New Jersey bill doubles child tax credit, raises age and income eligibility criteria.

New Jersey bill A4129 expands the State child tax credit, raising the age limit for eligible children from under six to under 18 and increasing the income limit for credit eligibility from $80,000 to $150,000. The credit amount is also doubled, with reductions occurring every $20,000 of additional income above $30,000. The bill includes provisions for part-year residents and ensures the credit does not affect eligibility for other state benefits. The Division of Taxation will report on the number of claimants, income levels, children benefiting, and average credit amounts.