The legislation corrects an error in the bill, signed in June, that would have delayed the tax credits until 2024. (Edwin J. Torres/NJ Governor’s Office)
Gov. Phil Murphy signed a bill speeding the delivery of tax credits under New Jersey’s new child tax credit Tuesday.
The legislation corrects an error in the bill, signed in June, that would have delayed the tax credits until 2024. Parents can now receive the credits when they file taxes for the current year.
“Tax relief is critically important and this amendment will put money into the pockets of families as early as next year,” the governor said in a statement. “I look forward to our continued progress in making New Jersey stronger, fairer, and more affordable for all of our residents.”
The law provides for a refundable income tax credit of up to $500 for each child under the age of six. The level of the credit is based on a filer’s income. Those making $30,000 or less per year receive the full $500 credit. The credit is just $100 for those earning between $60,000 and $80,000.
Pitched as a response to steep rises in prices for consumers seen for much of the last year, lawmakers sped the bill to Murphy’s desk in June, even as Assemblyman Hal Wirths (R-Warren) warned them that a drafting error in the legislation would delay credits by more than a year.
The outcome was never much in doubt. The day after he signed the bill, Murphy, in a joint statement with Senate President Nicholas Scutari, Assembly Speaker Craig Coughlin, and its sponsors, Senate Majority Leader Teresa Ruiz and Assemblywoman Verlina Reynolds-Jackson, said they would clarify the law.
“We are keeping the promise we made to provide much needed financial relief to families in a timely way,” Ruiz said in a statement.
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