Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.

Summary

The bill changes the New Jersey Earned Income Tax Credit (EITC) so that eligible residents receive a credit equal to 60% of the federal EITC amount, up from the current 40%. It applies to low‑ and moderate‑income workers and families filing state taxes for years beginning on or after Jan. 1, 2022. The increase is intended to provide greater tax relief to those qualifying for the credit.

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