Allows gross income tax deduction for employment-related childcare expenses.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill would allow New Jersey residents to deduct childcare expenses from their gross income when those expenses are incurred due to employment. The deduction would be available for childcare costs associated with working, commuting, or attending scheduled work activities. The bill aims to provide financial relief to families who pay for childcare to maintain employment. It is intended to encourage workforce participation by easing the financial burden of childcare.
Key provisions
- Allows a deduction for qualified childcare expenses.
- Expenses must be incurred due to employment, commuting, or work-related activities.
- Deduction is taken from gross income.
- The deduction is available to taxpayers who itemize deductions.
Who is affected
- New Jersey taxpayers
- Working families
- Childcare providers
Notable changes
- Creates a new tax deduction for employment-related childcare expenses.
Fiscal impact
The bill’s fiscal impact is projected to be $36.8 million over the five-year period, based on estimates of increased tax revenue.
Bill text
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Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
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