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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.

child tax credit forms for the program in New Jersey

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.

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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.