NJ: Gov. Murphy Raises Eligibility for Child Care Tax Credits to Those Earning $150,000 a Year

Families earning up to $150,000 a year may be eligible for child care tax credits and others can get cash back under an expansion signed Friday afternoon by Gov. Phil Murphy, NorthJersey.com reports.

An additional 80,000 New Jersey families are expected to benefit from the expansion of the child and dependent care tax credit, according to the Assembly Democratic office.

Under the law Murphy signed, the child care and dependent tax credit eligibility expands from an income of $60,000 to $150,000 for 2021 and beyond, according to the bill. The new law is retroactive for 2021 and removes the caps of $500 for employment-related expenses for one child and $1,000 for employment-related expenses for two or more dependents.

{Matzav.com}