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

This bill increases New Jersey's Earned Income Tax Credit (EITC) benefit to 60% of the federal credit amount for qualifying residents, effective for taxable years beginning January 1, 2022. It directly affects low- and moderate-income New Jersey workers and families who qualify for the federal EITC but were previously receiving only 40% of that federal benefit through the state program. The change modifies existing law to raise the state credit percentage without altering eligibility rules, meaning residents must still claim the federal EITC first to access the enhanced state credit. The credit remains refundable, providing cash payments even if the recipient owes no state income tax. This policy change expands tax relief for working individuals and families already eligible under federal guidelines.