Child Tax Credit Update: What New Jersey’s $500 Payment Involves and Who Qualifies

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Although the federal government has not extended the enhanced child tax credit through 2022, some states are using the excess funds to provide their own stimulus money to some eligible residents.

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New Jersey Gov. Phil Murphy signed a $50.6 billion budget on June 30 that would include a New Jersey Child Tax Credit program, reported. The Fiscal Year 2023 Appropriation Act uses a $6.8 billion budget surplus to invest in public employee retirement payments, school facility projects, and infrastructure projects such as transportation upgrades in statewide, the governor’s office reported.

Child Tax Credit for New Jersey Residents

Significantly, the budget also allocates funds of up to $500 per child under age 6. Families earning less than $30,000 per year will receive $500 per child under age 6.

Families earning less than:

  • $40,000 will get $400.
  • $50,000 will get $300.
  • $60,000 will get $200.
  • $80,000 will get $100.

The tax credit is fully refundable, meaning you can receive the money even if you don’t owe any New Jersey state taxes in 2022. This means that even if you don’t normally file taxes, you must do this to claim the funds. Taxpayers with an Individual Tax Identification Number (ITIN) are eligible for the credit, as well as those who file with a Social Security Number.

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Property tax credits

The new budget also allocates $2 billion for a property tax relief program, as previously reported by GOBankingRates. Homeowners with a household income of less than $150,000 will receive an annual tax benefit of $1,500, which will be mailed as a check. Those with income between $150,000 and $250,000 will receive a tax benefit of $1,000. And tenants with incomes up to $150,000 per year will receive a benefit of $450. These funds are designed to offset rent increases that may be caused by rising property taxes, according to

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About the Author

Dawn Allcot is a full-time freelance writer and content marketer with interests in finance, e-commerce, technology, and real estate. His long list of publishing credits includes Bankrate, Lending Tree and Chase Bank. She is the founder and owner of, a travel, technology and entertainment website. She lives in Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten and three lizards of different sizes and personalities – plus her two children and her husband. Find her on Twitter, @DawnAllcot.