Child Tax Credit Update: What New Jersey’s $500 Payment Entails and Who’s Eligible
Although the federal government failed to extend the enhanced Child Tax Credit through 2022, some states are using surplus funds to provide their own stimulus money to certain eligible residents.
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New Jersey governor Phil Murphy signed a $50.6 billion budget on June 30 that would include a New Jersey Child Tax Credit Program, NJ.gov reported. The Fiscal Year 2023 Appropriations Act makes use of a $6.8 billion budget surplus to put money into pension payments for public employees, school facilities projects and infrastructure projects such as transportation upgrades across the state, the governor’s office reported.
Child Tax Credit for New Jersey Residents
Significantly, the budget also allocates funds of up to $500 per child under the age of 6. Families making under $30,000 per year will receive $500 per child under 6.
Families making less than:
$40,000 will receive $400.
$50,000 will receive $300.
$60,000 will receive $200.
$80,000 will receive $100.
The tax credit is fully refundable, which means that you can receive the money even if you don’t owe any New Jersey state taxes in 2022. That means even if you wouldn’t normally file taxes, you should file to claim the funds. Taxpayers with an individual tax identification number (ITIN) are eligible for the credit, as well as those who file with a Social Security number.
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Property Tax Credits
The new budget is also allocating $2 billion toward a property tax relief program, as previously reported by GOBankingRates. Homeowners with a household income below $150,000 will receive a $1,500 annual property tax benefit, which will be mailed in the form of a check. Those with an income between $150,000 and $250,000 will receive a $1,000 property tax benefit. And renters with incomes up to $150,000 each year will receive a benefit of $450. These funds are designed to offset rent increases that may be caused by rising property taxes, according to NJ.gov.
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This article originally appeared on GOBankingRates.com: Child Tax Credit Update: What New Jersey’s $500 Payment Entails and Who’s Eligible
