Provides $21.6 billion for emergency rental assistance to prevent evictions and $10 billion to help homeowners avoid foreclosure $5 billion for emergency public housing vouchers and $5 billion to address homelessness.
Expands the earned income tax credit for taxpayers without children for 2021 by increasing both the credit percentage and phaseout thresholds. New Jersey will receive $697 million to help families pay child-care costs, plus $16 million for Head Start.Įarned Income Tax Credit. Provides $39 billion for child care, including $15 billion in grants to states to help low-income families afford child care and help essential workers regardless of their income and $24 billion for state grants to child care providers. Expands the Child and Dependent Care Tax Credit to $4,000 per child or $8,000 for two or more children, and makes the credit fully refundable. 82% of New Jersey children are now eligible for the CTC under this expansion.Ĭhild Care. Reduces child poverty by expanding the child tax credit through 2021, increasing the maximum credit to $3,600 for each child younger than 6 and $3,000 for other children, and making the credit fully refundable. 3,691,546 New Jersey households are eligible at an average $2,605 per household.Ĭhild Tax Credit. Provides $1,400 in direct payments to individuals making less than $75,000 and married couples making under $150,000, and for dependents claimed on federal tax returns.
To download a complete copy of HR-1319, the American Rescue Plan Act, please CLICK HERE To see how the American Rescue Plan Act benefits your town, please CLICK HEREĭirect Payments.
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