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

New Jersey's S 1557 increases the state's Earned Income Tax Credit (EITC) benefit from 40% to 60% of the federal EITC amount for eligible taxpayers. The bill affects low- and moderate-income workers and families who qualify for the federal EITC, including those without qualifying children. It amends existing law to update the state credit percentage to 60% for tax years beginning January 1, 2022, and forward. The credit remains refundable and is calculated based on the federal credit amount, without changing eligibility requirements.