Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.

This bill amends New Jersey law to increase the state Earned Income Tax Credit benefit from 40 percent to 60 percent of the federal amount, starting with the 2022 tax year. The change directly affects low- to moderate-income residents who file state tax returns and are eligible for the federal Earned Income Tax Credit. By raising the multiplier, the legislation ensures that qualifying individuals receive a larger refundable tax credit against their state income tax liability. The bill takes effect immediately upon passage, expanding financial support for workers and families without altering the underlying federal eligibility requirements.