New Jersey’s Legislature has approved Gov. Chris Christie’s proposal to increase the value of a tax credit aimed at helping low-income residents.
The state Senate voted in favor of the Republican governor’s proposal on Monday.
Low-wage earners currently can receive 20 percent of their federal earned income tax credit rebate. Christie proposes increasing the rate to 30 percent.
The change would result in an annual pay increase of almost $600 for those getting the rebate, according to the liberal think tank New Jersey Policy Perspective.
Christie conditionally vetoed the Democratic-led Legislature’s tax increase on millionaires that was paired with the tax credit. Democrats sought to raise the credit to 25 percent but Christie countered, seeking the higher level.
Democrats said they’re pleased the governor is supporting the credit now after vetoing an increase five times.