New Jersey Spending Plan: $53.1 Billion for Rebate Checks, Child Tax Credit

Governor Murphy announced a $53.1 billion budget for a New Jersey spending plan. In this article, read more about the plan that includes new rebate checks and an increase in the Child Tax Credit!

Governor Phil Murphy has announced a New Jersey spending plan for the fiscal year 2024 with a budget of $53.1 billion. The plan included new rebate checks of up to $1,000, an increase of the Child Tax Credit (CTC), and no increases for new taxes or public transportation fares. To date, it is yet the biggest spending plan in New Jersey.

New Rebate Checks

According to Fuller, in 2022, New Jersey has launched the Affordable NJ Communities for Homeowners & Renters (ANCHOR) program. In Murphy’s New Jersey spending plan, he intends to continue the ANCHOR program for another year and allocate a budget of $2 billion for it. Around 1.2 million homeowners are expected to receive a payment of up to $1,500, while more than 900,000 renters are expected to receive $450.

To be eligible for the ANCHOR program, the homeowners of New Jersey must earn an income of less than $150,000 to receive up to $1,500. For homeowners who earn more than $150,000 and up to $250,000, they will receive up to $1,000 only. On the other hand, renters who earn an income f less than $150,000 will receive up to $450.

READ ALSO: Property Tax Rebate In Pennsylvania; How Much Will You Get, Eligibility

Increased Child Tax Credit

An article on Insider NJ states that the New Jersey spending plan proposes an increase of twice the amount of the CTC in the state. This means that every child below 5 years old are intended to receive $1,000 from $500. Nonetheless, this year the CTC will be received by households that earn less than $80,000. The amount of CTC to be received will depend on the income earned as well.

Households that earn an income of less than $30,000 will receive up to $500. Those with more than $30,000 and up to $40,000 will receive up to $400. Those with more than $40,000 and up to $50,000 will receive up to $300. Those with more than $50,000 and up to $60,000 will receive up to $200. Lastly, those with more than $60,000 and up to $80,000 will receive up to $100.

READ ALSO: Child Tax Credit 2023: Up To $3,900 Stimulus Checks— See Who Receives Them