New Jersey S1557 raises the Earned Income Tax Credit benefit from 40% to 60% of the federal benefit amount.

New Jersey S1557 amends the Earned Income Tax Credit (EITC) program to increase the state credit benefit from 40% to 60% of the federal benefit amount, effective for tax years beginning in 2022. The EITC provides a refundable tax credit to low- to moderate-income workers and families, with the state credit calculated based on the federal EITC amount. The bill ensures that the credit is applied against the tax due and does not affect eligibility for other state benefits. The Director of the Division of Taxation is tasked with establishing a program for distributing these credits.

New Jersey S1557 raises the Earned Income Tax Credit benefit from 40% to 60% of the federal benefit amount.

New Jersey S1557 amends the Earned Income Tax Credit (EITC) program to increase the state credit benefit from 40% to 60% of the federal benefit amount, effective for tax years beginning in 2022. The EITC provides a refundable tax credit to low- to moderate-income workers and families, with the state credit calculated based on the federal EITC amount. The bill ensures that the credit is applied against the tax due and does not affect eligibility for other state benefits. The Director of the Division of Taxation is tasked with establishing a program for distributing these credits.