Urges President and Congress to enact legislation permanently reinstating federal child tax credit as provided for in tax year 2021.
Impact
If AR93 is adopted, it aims to provide long-term financial relief to families, addressing their increased costs associated with raising children. The resolution points out that, during the temporary expansion of the child tax credit in 2021, child poverty rates dipped to a historic low, showing the potential effectiveness of reinstating the higher credit amounts. This reflects a broader trend where tax credits are leveraged to support low- and middle-income families and reduce poverty levels among children.
Summary
Assembly Resolution No. 93 (AR93) urges the President and Congress of the United States to enact legislation that permanently reinstates the federal child tax credit at the levels established for tax year 2021. This credit allows eligible taxpayers to receive a $3,000 tax credit for each qualifying child under the age of 17, and $3,600 for those with children under six years old. The resolution highlights the financial burdens faced by families in New Jersey, where the annual cost of raising a child averages over $20,000, significantly exacerbated by high inflation rates.
Contention
Notably, the resolution arises amidst political discord regarding the renewal of the expanded credit. Proposals to reinstate the former higher amounts have struggled to gain traction in Congress, with disagreements mainly revolving around budgetary concerns and the introduction of work requirements for eligibility. As the expiration of the enhanced credit approaches in 2025, the urgency for bipartisan cooperation to achieve a consensus on restoring the credit levels is emphasized within the resolution.
Urges President and Congress of United States to enact federal legislation providing proportional property tax relief for honorably discharged veterans having a service-connected permanent disability.