For people who make $30,000 or less, the credit would be $500 per child. Anyone making over that amount would receive a credit of $500 “reduced by $10 for every $1,000 of income that the taxpayer’s taxable income exceeds $30,000” up to $80,000, according to the Legislature’s website.
That means a person making $50,000 would receive a credit for $480 per child, and the refundable tax credit would only be applied to children ages six and under.
The General Assembly Budget Committee advanced the measure Monday afternoon.
Assemblywoman Aura Dunn (R-Mendham) asked for an amendment that would increase the amount of the credit, but the motion was tabled during the hearing.
“New Jersey has a staggering child poverty rate,” said Peter Chen, a financial policy analyst with the New Jersey Policy Perspective. “One in 10 New Jersey children live in poverty.”