S.238

Expands income eligibility and increases credit for child and dependent care expenses under New Jersey gross income tax.

This bill revises the gross income tax credit for child and dependent care expenses in New Jersey by expanding income eligibility and increasing the credit amount. It raises the income limit for eligibility from $60,000 to $150,000, allowing more taxpayers to qualify. The credit percentage for federal credit is adjusted across income brackets, with the highest bracket receiving 50% of the federal credit. The maximum credit allowed increases to $1,000 for one qualifying individual and $2,000 for two or more qualifying individuals, up from $500 and $1,000, respectively.