Gov. Phil Murphy yesterday signed S-3046/A-4640, amending the effective dates for a previously signed bill regarding state child tax credits. The original bill, S-2523, was scheduled to take effect for the 2023 tax year, making credits available to taxpayers in 2024. The amended bill allows for the tax credit to take effect for the 2022 tax year and for credits to become available to taxpayers in 2023.
“Making New Jersey more affordable for our families has been one of my highest priorities since day one,” said Murphy. “Tax relief is critically important and this amendment will put money into the pockets of families as early as next year. I look forward to our continued progress in making New Jersey stronger, fairer, and more affordable for all of our residents.”
The $18 million child tax credit program is available to New Jersey taxpayers with incomes of up to $80,000 and is broken down as follows:
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