New Jersey Governor Phil Murphy has announced a new $53.1 billion budget spending plan for the fiscal year 2024 that includes multiple rebates for as much as $1,000.
$1,000 Child Tax Credit included in the Budget Spending Plan in New Jersey. (Photo: Economic Times)
Budget Spending Plan
The new budget spending plan is the largest in New Jersey’s history and includes new rebate checks and an increase in the state’s child tax credit (CTC) without any new taxes or fare increases for public transportation, according to a published report in The U.S. Sun.
The new budget spending plan aims to help families by focusing on their pocketbooks, according to Gov. Murphy. One of the proposed changes is doubling the maximum amount of the CTC from $500 to $1,000 for each child younger than five years old. However, it is unclear at this point if the eligibility requirements for the CTC will be updated as well.
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Income Limit
Currently, the credit is available to households with incomes of $80,000 or less, with the amount received based on income. Those with incomes under $30,000 receive a credit of $500, while residents with taxable incomes over $30,000 but not over $40,000 will get a credit of $400.
Meanwhile, those making more than $40,000 but under $50,000 will receive a credit of $300, and those with incomes between $50,000 and $60,000 will receive a credit of $200. Lastly, those with income that exceeds $60,000 but is under $80,000 will receive a credit of $100.
In a published article in POLITICO, the governor’s announcement follows other states’ initiatives to offer relief to their residents. The New York Post reports that several states are offering inflation relief checks for their residents. Massachusetts, for example, will provide eligible taxpayers with a refund of up to 14.0312% of their personal income tax liability based on their 2021 tax returns.
Last year, multiple states offered stimulus checks to their residents. The amounts ranged from $3,200 in Alaska to $50 in Illinois, although the checks were named differently. Governor Murphy’s plan for multiple rebates aims to provide additional support to families struggling with the economic impact of the pandemic.
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