New Jersey S248 expands child tax credit eligibility and increases credit amounts for families with children ages six to 11 and under 12 over two.
New Jersey S248 amends the New Jersey Child Tax Credit program to provide a tax credit for taxpayers with children ages six to 11 and increase the credit amount for taxpayers with children under 12 over a two-year period. For the 2023 and 2024 tax years, eligible taxpayers with children under six can receive a credit of up to $750, which phases out incrementally for incomes over $30,000 and completely at $80,000. For children ages six to 11, the credit is up to $500 for the same years, with the same income phase-out.
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