Increases amount of allowable New Jersey earned income tax credit from 40 percent to 50 percent of federal benefit amount.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill increases the New Jersey Earned Income Tax Credit (EITC) from 40% to 50% of the federal benefit amount. This means that eligible New Jersey residents who receive the federal EITC will be able to claim a larger credit on their state income tax returns. The change takes effect for tax years beginning in 2026. The bill also clarifies eligibility requirements and how the credit is applied.
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