$500 child tax credit, or CTC, payments have been approved in the state of New Jersey by both the Senate and Assembly.
Assembly bill 3852 will give residents of the state a maximum payment worth $500 toward a child tax credit.
This plan comes as Americans struggle financially following the ending of the expanded federal CTC.
This expansion made the maximum credit worth $3,600, up from $2,000 the year before.
In addition, the first half of estimated child tax credits were sent over the span of six months in advance.
Now, the credit is back to $2,000 and there are no advanced payments.
New Jersey’s $500 child tax credit
Nicole Rodriguez, president of New Jersey Policy Perspective, made a statement on the positive impact the credit will have.
She stated that this would make New Jersey a more affordable place to start growing a family.
This plan was created and modeled after the federal CTC.
Eligibility for the child tax credit
In order to be eligible, your household income cannot exceed $80,000.
The amount you receive will depend on your income.
Income under $30,000 will bring in a $500 payment.
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Income between $30,000 and $40,000 will bring in a $400 payment.
Anyone with a household income between $40,000 and $50,000 will see $300.
Income between $50,000 and $60,000 will bring in a check worth $200.
Fonally, anyone making between $60,000 and $80,000 will get $100.
If the Governor signs off on it and it becomes law, it will go into effect in January of 2023.
Samantha edits our personal finance and consumer news section. Have a question or lead? Send it to [email protected].