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June 30, 2015
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Working families to receive higher tax credits
New Jersey’s low-income working families will get some relief under the New Jersey state budget, which Governor Christie signed into law on Friday. The Legislature added and the governor approved an increase in the Earned Income Tax Credit. Refunds will now equal 30 percent – instead of 20 percent -- of the federal credit. Christie had cut the refund amount in the 2011 budget from 25 to 20 percent. It has now been restored at the higher level in this FY 2016 budget, which begins July 1. On average, recipients will receive an additional $250 a year, with the lowest earners receiving as much as an additional $600 per year. In other budget developments that are positive for children and families:
The governor vetoed the following line items that the Legislature had added to the proposed budget: Heat & Eat Vetoed Education Funds In addition, the Achievement Gap Reduction Program will be funded with $1 million and will be awarded to a racially-diverse school district where significant achievement gaps exist among different racial groups and students of different socio-economic status. A school district receiving a grant shall use the funds to implement programs to close achievement gaps. |