New Jersey residents will soon see up to $500 child tax credit benefits

New Jersey Governor, Phil Murphy, recently signed into law a child tax credit that could give eligible households up to $500.

The decision was made after residents in the U.S. received enhanced CTC payments in 2021.

Unfortunately, that was not extended and now the federal child tax credit is worth just $2,000 again.

New Jersey child tax credit

The New Jersey CTC was created to help give families with young children money.

The idea is to create a more affordable place to raise a child and family.

In order to be eligible, your household income cannot exceed $80,000.

Anyone making under $30,000 will get $500.

Those who make over $30,000 and under $40,000 will see $400.

Stimulus payments worth $250 and $500 going to Virginia residents this fall

Those making between $40,000 and $50,000 will see $300.

People with an income between $50,000 and $60,000 will see $200.

Finally, anyone making between $60,000 and $80,000 will see $100.

The child tax credit will go into effect in 2023.

Around 180,000 kids under age 6 are expected to get the full $500.

99,000 are expected to see at least $300.