2-12-2024 10:59am

Treasury Encourages Eligible Taxpayers to Take Advantage of NJ's Earned Income Tax Credit

Donnella Tilery Editor

As the 2023 tax filing season kicks off, the New Jersey Department of the Treasury is reminding taxpayers to find out if they are eligible for the State’s Earned Income Tax Credit, which was expanded in recent years to provide several hundred to several thousand dollars in relief to qualifying residents.

An estimated 204,000 New Jerseyans - about one in five tax filers - are eligible for the program but do not apply. As residents prepare to file their taxes, Treasury encourages taxpayers to check the Division of Taxation’s NJEITC webpage to determine if they are eligible and take advantage of the program.

“New Jersey’s Earned Income Tax Credit is among the most generous in the country; the average credit is about $826, on top of the federal credit,” said State Treasurer Elizabeth Maher Muoio. “Though this credit puts money directly back in the pockets of many families, some taxpayers are unaware of the program and how to apply for it. We want to encourage New Jerseyans to learn more about the NJEITC through the helpful resources available from our Division of Taxation, and urge those who are eligible to take advantage of this valuable program.”

The Murphy Administration increased the NJEITC credit amount three times in recent years as part of its commitment to making the Garden State more affordable. The Administration also lowered the minimum age eligibility for NJEITC from 21 to 18, and expanded eligibility to those 65 and older without dependents.

For Tax Year 2023, eligible New Jersey taxpayers could receive a refundable credit of up to $2,972 with three or more qualifying dependents or $240 without dependents. The credit amount is determined by a taxpayer’s New Jersey Gross Income.