S.243

New Jersey bill S243 raises the Earned Income Tax Credit benefit from 40% to 60% of the federal benefit amount.

New Jersey bill S243 amends the Earned Income Tax Credit (EITC) program to increase the benefit amount from 40 percent to 60 percent of the federal benefit amount. The EITC program provides a refundable tax credit under New Jersey's gross income tax, currently set at 40 percent of the federal benefit amount. This change will take effect for taxable years beginning on or after January 1, 2022. The EITC aims to offer tax relief to low- to moderate-income workers and families, with eligibility based on federal EITC criteria.