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

This bill (A3425) increases New Jersey's Earned Income Tax Credit (EITC) benefit from 40% to 60% of the federal EITC amount for qualifying residents. It directly affects low-to-moderate-income workers and families in New Jersey who already qualify for the federal EITC and file state taxes. The key change amends existing law to raise the state credit percentage, meaning eligible taxpayers would receive a larger refundable tax credit directly paid to them. This adjustment, effective for tax years beginning January 1, 2022, expands tax relief for working individuals and families without requiring new state program administration.