S.1568

New Jersey S1568 expands child tax credit eligibility to include children ages six to 11 and increases credit amounts for children under 12 over two.

New Jersey S1568 introduces a child tax credit for taxpayers with children ages six to 11 and increases the credit amount for children under 12 over a two-year period. For 2023 and 2024, taxpayers with children ages six to 11 and income up to $30,000 can claim a $500 credit, which decreases incrementally as income rises above $30,000. Starting in 2025, the credit for children ages six to 11 increases to $600 for those with income under $30,000. For children under six, the credit increases to $1,000 for those with income under $30,000 starting in 2025.