Increases the child tax credit in New Jersey for taxable years 2026, 2027, and 2028.

The bill increases the child tax credit in New Jersey for taxable years 2026, 2027, and 2028. It provides higher credit amounts for resident taxpayers with income of $80,000 or less for each child under age six. The credit amounts vary based on the taxpayer's income, with higher credits for lower income brackets. After 2028, the credit amounts revert to the original levels. The Division of Taxation will report data on the number of claimants, income, children benefiting, and average credit amounts.

Increases the child tax credit in New Jersey for taxable years 2026, 2027, and 2028.

The bill increases the child tax credit in New Jersey for taxable years 2026, 2027, and 2028. It provides higher credit amounts for resident taxpayers with income of $80,000 or less for each child under age six. The credit amounts vary based on the taxpayer's income, with higher credits for lower income brackets. After 2028, the credit amounts revert to the original levels. The Division of Taxation will report data on the number of claimants, income, children benefiting, and average credit amounts.