EITC increase clears Assembly

TRENTON – The Assembly today approved A3793/S2535, which increases benefit amounts under the New Jersey earned income tax credit program to 25 percent of the federal level.

The vote was 47-24, largely along party lines, with five abstentions.

The New Jersey earned income tax credit is a refundable credit intended to “make work pay” by offsetting the burden of taxes for low and moderate income workers.

According to the federal and state data, about 528,000 taxpayers received an average state benefit amount of approximately $430 during tax year 2010, the most recent year for which data are available.

EITC increase clears Assembly